A Quick and Easy Guide to Home Mortgages

Questions To Ask When Shopping for a Loan

Is the loan fixed or adjustable?
If the loan is fixed what is the fixed-rate period?
If the loan is adjustable, what is the fully indexed rate, the index and the margin?
(Index + Margin = Fully Indexed Rate)
If the loan is a fixed-rate loan, what is the interest rate?
What will my monthly loan payments be?
Will I be required to have mortgage insurance with this loan?
Does the loan have an interest-only payment option?
Does the loan have a prepayment penalty?
What are the closing costs?
Are there any points or is there an origination fee?