Type of Service:

Select Service... Home Purchase Home Refinance Equity Line

Type of Property:

Select Property Type... Single Family Multi-Family Condo Townhome Mobile Home

Your Credit Rating:

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1. What's my interest rate? The best way to compare the quotes Mortgage Loan Professionals gives you is to look at the APRs. The APR combines the cost of interest and any fees/charges to reflect the true annual cost of borrowing.
2. Will my interest rate fluctuate over the life of the loan? Of course, with a Mortgage Loan Professionals fixed rate mortgage, your rate will remain the same. But, if you want an adjustable rate mortgage, make sure you ask how often your rate will change.
3. What "points" will I be charged? Some Mortgage Loan Professionals lenders will lower your interest rate if you pay "discount points" up front. You may also be charged origination points, which are a type of fee and do not impact the interest rate.
4. What closing costs and fees will my mortgage require? All Mortgage Loan Professionals lenders are willing to give you what is called a "good faith estimate" of closing costs. Take this number into consideration when comparing quotes.
5. Are you willing to lock my interest rate? You want a lender who will lock in your quoted interest rate during the closing process to avoid rate increases.
6. How does the down payment affect the cost of the mortgage? Lenders might require a down payment from anywhere between 0%-20%. Experts recommend a 20% down payment if you can. Know how this will affect your payments.
7. What documents will I need to provide? Different mortgage loan professionals will ask you to provide various documents of personal information. You can always ask our lenders for a checklist of these required documents to make sure you have everything.
8. What are my payment terms? Methods of payment will vary from lender to lender, so make sure you ask about this. For example, some mortgage loan professionals might require automatic withdrawal from your bank account or will send back a coupon with each check.
9. What are the prepayment penalties, if any? If you choose to refinance your mortgage before the term is over, you will have to face prepayment penalties. Not all mortgage loan professionals charge a prepayment fee, but others charge quite a bit.
10. How long will the closing process take? The closing process can take a lot of time, so make sure you know how long it will take to check over your documentation, check your credit, and approve your mortgage.

If you have any questions, please check out our Frequently Asked Questions page.