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Helen Katz New Orleans Real
Estate Uptown Garden District Lakeview French Quarter Warehouse District-CBD Metairie
Midcity Harahan-River Ridge Westbank
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Buying a Home -
Getting Ready to Buy a Home
Mortgage Application Checklist
What to Ask a Lender
Financial Considerations
Selling a Home -
Choosing a Realtor
Benefits of Proper Pricing
Make a good first impression
Moving Checklist
General Tips and Tools -
Real Estate Glossary
Mortgage Calculator |
What to ask Lenders
- Are both fixed-rate and adjustable mortgage loans available?
- What is the interest rate?
- How long can I "lock-in" the financing at the current interest
rate?
- Is a float down lock available in case rates drop after I have
locked in?
- What are the other fees a lender may charge me in conjunction
with my loan?
- Are funds for a second mortgage available?
- On adjustable loans:
- How often will the interest rate be adjusted?
- Is there a maximum limit on each rate change?
- How often will the monthly payment be adjusted?
- Is there a ceiling on payment adjustments?
- Can the term of the loan be extended?
- What is the maximum rate that can be charged over the life
of the loan?
- Is there any potential for negative amortization?
- Is there a pre-payment penalty clause? This involves extra
charges for paying off the loan before maturity. About 80% of
all loans in the United States are paid off early.
- What is the "grace" period? How late can a monthly payment
be made before a late charge is assessed? What will happen if
a payment is missed?
- If you sell your house, will the new buyer (if he/she qualifies)
be able to assume your mortgage at the same interest rate?
- Do you have to pay "points" to get your new mortgage? Usually
lenders charge points for the cost of giving you a mortgage loan.
A "point" is 1% of the loan.
- Will the lender require mortgage insurance?
- Is the loan serviced locally or is the servicing sold?
- Ask for a written good faith deposit.
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Helen Katz - Licensed in Louisiana. A Licensed Agent of Latter
& Blum: Robert W. Merrick, Broker, Orleans Parish, New Orleans, LA, USA--
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