Compare answers to these questions
|
Lender A
|
Lender B
|
Lender C
|
My Current
Mortgage
|
What are the monthly
payments? |
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What is the Annual Percentage Rate (APR)?
the cost of credit expressed as a yearly rate; includes the interest rate,
points, broker fees, and other credit charges |
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What is the interest rate?
the cost of borrowing money expressed as a
percentage rate
|
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Will the interest rate
change? |
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When? |
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How
often? |
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By how
much? |
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What will you have to pay
in points? |
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What will you have to pay
in fees? |
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Application
or loan processing fee |
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Origination
or underwriting fee |
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Lender or
funding fee |
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Appraisal fee
|
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Document
preparation and recording fees |
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Broker
fees |
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Other
fees |
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Are any of the application
fees refundable if you don't get the loan?
|
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How many years will you
have to repay the loan? |
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Is this an installment
loan or a line of credit? |
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Is there a balloon
payment? |
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What are the total closing
costs? |
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If you use a broker, how
and how much will he or she be paid? |
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What is the penalty for
late or missed payments? |
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What is the penalty if you
pay off or refinance the loan early? |
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Does the loan include optional credit insurance?
You don't have to accept optional credit insurance to get your loan. If you want
optional credit insurance, ask about paying for it monthly instead of financing
the premiums as part of your loan. |
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Can you afford this
loan? |
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