Here are some questions you should ask your local Birmingham lender before getting a mortgage.

 

1. What are the most popular mortgage loans you make?
2. Which type of mortgage plan do you recommend would suit us?
3. Are your rates, terms, fees, and closing costs negotiable?
4. Will I have to buy private mortgage insurance? If so, how much will it cost and how long will it be required?
5. Who will service the loan – your bank or anoather company?
6. What escrow requirements do you have?
7. How long is your lock-in rate period? Will I be able to obtain a lower rate if rates drop during this time?
8. How long will the loan approval process take?
9. How long will it take to close the loan?
10. Are there any charges or penalties for pre-paying the loan?

Knowing the answers to these questions will help you compare loans and choose the right lender for your needs.  If you need a good lender in Michigan call me for a recommendation 248-540-8100.