Buyer Services and Information
Questions To Ask Your Mortgage Lender

. When talking to a mortgage lender/banker prior to making an mortgage application, you may find it helpful to ask the following questions in order to make an informed decision.

  1. Will this loan be sold on the secondary market or will it be placed in your portfolio?

  2. If private mortgage insurance (PMI) is required, at what point can it be eliminated?

  3. What is the procedure for eliminating private mortgage insurance?

  4. What is the up-front charge for private mortgage insurance and what is the renewal fee?

  5. When does the mortgage servicing department pay the property taxes to insure the income tax deduction for that year?

  6. How many months worth of property taxes and insurance are required for the reserve account?

  7. If obtaining an adjustable rate mortgage, describe how and when the loan can be converted to a fixed rate mortgage and what charges will be involved. Will another appraisal be required?

  8. If obtaining an adjustable rate mortgage, what is the margin, index, and anniversary for adjusting the payments?

  9. When is the house payment due and when is the late fee incurred? What is the late fee?


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Steve Hatfield, Realtor
CENTURY 21 Curran & Christie
25636 Ford Road
Dearborn Heights, MI 48127
Office: (313) 274-7200

Copyright 1996 - Steve Hatfield
Any Reproduction or Redistribution Without Authorization is Strictly Prohibited.

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