Ask for points to be quoted to you as a dollar amount--rather than just as the number of points--so that you will actually know how much you will have to pay. |
Fees- A home loan
often involves many fees, such as loan origination or underwriting fees, broker fees,
and transaction, settlement, and closing costs. Every lender
or broker should be able to give you an estimate of its fees. Many of these fees are
negotiable. Some fees are paid when you apply for a loan (such as application and appraisal
fees), and others are paid at closing. In some cases, you can borrow the money needed to pay
these fees, but doing so will increase your loan amount and total costs. "No cost" loans are
sometimes available, but they usually involve higher rates.
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Ask what each fee includes. Several items may be lumped into one fee. |
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Ask for an explanation of any fee you do not understand. Some common fees associated with a home loan closing are listed on the Mortgage Shopping Worksheet in this brochure. |
Down Payments and Private
Mortgage Insurance Some lenders require 20 percent of the home’s
purchase price as a down payment. However, many lenders now offer loans that require less than
20 percent down--sometimes as little as 5 percent on conventional loans. If a 20 percent down payment is not
made, lenders usually require the home buyer to purchase private mortgage insurance (PMI) to protect the lender in
case the home buyer fails to pay. When government-assisted programs such as FHA (Federal
Housing Administration), VA (Veterans Administration), or Rural Development Services are
available, the down payment requirements may be substantially
smaller.
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Ask about the lender’s requirements for a down payment, including what you need to do to verify that funds for your down payment are available. |
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Ask your lender about special programs it may offer. |
If PMI is required for your loan,
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Ask what the total cost of the insurance will be. |
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