Top 10 Questions to Ask a Mortgage Broker in Los Angeles
When speaking to your mortgage lender or broker, you want to ensure they are reputable and knowledgeable about all of their services. Explain your current financial situation: Including your monthly income, what are your other substantial monthly expenses, and what can you ultimately afford.
- Which loan is best for my situation?
- Is the mortgage fixed rate or an ARM?
- What Are All the Costs involved?
- What is the total Loan Estimate?
- Do You Offer Loan Rate Locks?
- What is my monthly mortgage payment ?
- Does the loan have a prepayment penalty?
- What is the minimum down payment required for this loan?
- Do I have to pay mortgage insurance, what will it cost?
- Do you have alternative mortgage programs with lower rates that I qualify for?