Mortgage questions?

Besides the interest rate and points what other questions should I ask potential brokers?

Mind you, in college I worked in a mtg. department but don't remember a thing except for appraisals and credit checks, so any other suggestions would be great.
Thanks!

Re: Mortgage questions?

i would first determine what type of mortgage that you want and then shop around for the best rates. not familar w/ points, so i cannot offer advice.

have you been pre-approved? if not, i would decided on lender and apply for pre-approval. if you plan to buy soon, you have the option of locking in a rate.

Re: Mortgage questions?

how long can you lock in the rate and what would it cost to extend the rate if you needed to.
the lender should also be able to give you an estimate of closing costs--different lenders charge different amounts for things like appraisals, courier fees, underwriting, application and processing fees, etc.

Re: Mortgage questions?

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Posted by bride04

how long can you lock in the rate and what would it cost to extend the rate if you needed to.
the lender should also be able to give you an estimate of closing costs--different lenders charge different amounts for things like appraisals, courier fees, underwriting, application and processing fees, etc.

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good point re: fees. i just called our lender to extend our pre-approval for another 90 days and inquired about closing cost fees. for whatever reason, i failed to ask these questions prior.