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Today I want to discuss four different questions you need to ask before you sign a mortgage. Let's dive right in.
1. What's the APR?
2. Does it carry a pre-payment penalty?
3. Does this work with your timeline?
Look at the GFE and the HUD-1 together. Make sure that the good faith estimate that you got matches the HUD-1 at closing.
Look at the GFE and the HUD-1 together. Make sure that the good faith estimate that you got matches the HUD-1 at closing.
4. How long will your rate lock, and what is the maximum cap?
If you're out looking for a home you probably don't have a property locked up, so you want to make sure to manage the rate lock and work with your agent and your lender to make sure that they match.
If you're out looking for a home you probably don't have a property locked up, so you want to make sure to manage the rate lock and work with your agent and your lender to make sure that they match.
We can help you with this process. We know a lot of great mortgage lenders in Phoenix, so please don't hesitate to reach out to us about this.
We look forward to hearing from you!
