Easy Path To Low Mortgage Payments
In the next two minutes you are going to learn how to ask questions that will guarantee low mortgage payments. Kate's Refinance Script: Hello, my name is __________. I am thinking about refinancing. I bought my house two years ago and have a flexible rate mortgage (ARM). I owe $__________ on my mortgage. One of my goals is get low mortgage payments. Do you have a moment to answer a few of my questions? Kate's Home Buying Script:I plan to buy a home in the next few months. I'm a first time home buyer. I have my personal information ready. Do you have a few moments to spend with me? Questions To Ask A Lender- Initial Information
- Write down today's date
- Write down the name of the mortgage company
- Write down the phone number
- Ask the loan officer's name
- Ask for an email address in case you have other questions
- Ask if this is a mortgage company, bank or a mortgage broker
Organize your personal information with Kate's Mortgage Planner. - Fixed Rate Mortgage Questions
- What type of fixed rate mortgage programs do you offer?
- Can my fixed interest rates change at anytime during the life of the home loan? How often?
- Do the low mortgage payments remain fixed for the life of the home loan? If not, when can they change?
Don't miss tips to get your best fixed rate mortgage. - Flexible Rate Mortgage Questions
- What types of adjustable rate mortgage programs do you offer?
- Which programs have initial low mortgage payments?
- Is there potential for negative amortization (deferred interest)? If so, how is it limited?
- How much and how often can my mortgage payments change?
- How much and how often can my interest rate increase?
- If interest rates decrease, how much can my mortgage rate and monthly payment go down?
- What index is the adjustable rate mortgage based on?
- How much is the margin that will be added to the index?
- Can you please give me a worst-case-scenario monthly payment?
- Is there an annual interest rate cap?
- In addition to an interest-rate cap, is there a reset date at which time my payment can increase?
- Is there a lifetime interest rate cap?
More ARM questions? Ask Kate, your savvy mortgage insider for answers. Avoid surprises with your adjustable rate mortgage. - Closing Costs Questions
- What are all of the closing costs and fees to getting a mortgage?
- When will you give me a Good Faith Estimate in writing?
- Do you charge an mortgage loan origination fee? How much?
- Do you also charge points? How much?
- Do you require an up-front mortgage application deposit? How much?
- Would a deposit be applied to fees on the Good Faith Estimate?
- How do you disclose your yield spread premiums?
Reduce your mortgage closing costs. - Early Payoff Questions
- Do your home loans have prepayment penalties?
- How long does the mortgage prepayment penalty period last?
- What would it cost if I refinanced or sold my home before the penalty period was over?
- Can I make additional principal payments without penalty?
Go here for prepayment penalty help. - Locking My Interest Rate Questions
- How many days can I lock in my mortgage interest rate for free?
- Would my closing costs be higher if I locked for a longer period?
- How soon can I lock in my interest rate?
- How long does my mortgage interest rate lock-in agreement last?
- Are there up-front deposits to lock in the interest rate?
- When do you provide the written interest rate lock-in agreement?
- What happens if the mortgage rate lock-in agreement period expires?
- If mortgage interest rates go lower, could I float down to a lower interest rate?
- Can I relock my mortgage rate at a lower interest rate without penalty?
Get peace of mind with Kate's Mortgage Rate Lock Guarantee. - No Cost Refi Questions
- Do you have a No Cost Refi?
- Does this mean there are really no home loan fees?
- Will my principal mortgage balance remain the same?
- Do you require an upfront deposit?
- Will there be any lender fees, loan fees, mortgage fees or 3rd party fees?
- How much higher is the interest rate for these home loans?
- Are there any drawbacks that I should know about?
Discover reasons people refinance. - Credit Report Questions
- Do you provide me a copy of my credit report with the FICO credit score?
- Is it possible to refinance a mortgage with bad credit?
- What is the effect of bad credit on home purchase loans?
- If I am turned down for a home loan, do I have other mortgage options with your company?
Learn my secret to fix a credit score. - Home Loan Program Questions
- Pick a Pay Mortgage or Option Arm adjustable rate mortgages (ARMS)
- Interest only loans that are flexible rate mortgages (ARMS)
- Interest only loans that are fixed rate mortgages
- No income verification mortgages
- Little or no down payment mortgages
- Private mortgage insurance options (PMI)
- FHA loans
- VA home loans (for veterans)
- Rural home loans
- Second mortgage
- Reverse mortgage (for seniors)
- Home equity loans
- Home improvement loans
- Home equity line of credit
- Home loans with a buydown that result in low mortgage payments
Getting more than one quote is a great way to compare mortgage rates. - Mortgage Processing Questions
- Do you provide updates during the home loan process?
- Who will have the primary responsibility for processing my loan?
- Are you available to help me during normal business hours?
- How long does your mortgage office take to process home loans from application to closing?
 Tip: Knowing what to ask is the first step to getting low mortgage payments. Print a separate page of these questions for each lender. These questions make it easier for you to compare mortgages and mortgage companies.
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Have you also seen the 10 best kept secrets to low mortgage payments? Go ahead and bookmark this site. This way you can easily return to learn more about low mortgage payments. Discover Kate's Best Mortgage Rate Blog today. Keep up to date on what's new about mortgages and additional tips to unlocking the secret code of mortgage lending. Valuable Home Buying ResourcesBuying A House Part One
This might be your most important decision as a home buyer.Buying A House Part Two
This is your second most important decision as a home buyer. How I Picked A Realtor
Enjoy a home buyer's story of picking a Realtor. Tips For Highest Appraisals
With a little elbow grease, you can better the chances of getting your highest appraised value. How Much Mortgage Can I Afford
Learn how to determine the amount you can afford in a mortgage. Pre Approval For Easy Home Buying
Take the stress out of buying a home with mortgage pre approval. Don't Miss A Word Of This
Unique Tips To Low Mortgage PaymentsRefinancing Advice
Refinancing advice is everywhere. But what you want is dependable advice. Ask Kate questions. Every question is a good question.Refinancing Advice For House Values
Although appraisals are subject to current market values, here's how to make sure you get the highest appraisal possible. Refinance...Save Money
Use my insider's checklist to refinance. Save money and improve your chances of getting low mortgage payments. Kate's Mortgage Checklist Saves You Money
Kate reveals her special formula to save you money. Take the first step to getting your best mortgage rate and low mortgage payments! How My Neighbor Learned The Secret To Selecting The Best Lender
The refinancing breakthrough! Qualify your lender before your lender qualifies you. How to select the best mortgage lender for low mortgage payments. HOME TO Best Mortgage Rate
Enter the secret world of mortgage lending. Kate unlocks the code to getting your best mortgage rate. Uncover essential keys to low mortgage payments. TOP OF Low Mortgage Payments
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