ASK THE LENDER series - pt 1

It's 1:30 P.M on 1/6/08: Happy New Year! 2007 is gone gone gone..2008 is here-and-now. Your New Years' resolution says "I'm going to purchase a home this year." Now is the time and the market is positioned correctly for anyone who's qualified for a home loan to own one. So what's the next step you ask? Financing, how and who will fund your loan? Well here are a few questions you should ask your lender.

1. Does the lender service the loan?

a. A buyer might start with one lender and find out after settlement and prior to making your first payment the loan was sold and another mortgage/bank company owns your loan.

2. Is there a loan origination fee?

a. The loan origination fee is a percentage based on the sales price of the home.

3. Are there discount points?

a. A discount point is charged as a percentage of the loan amount and payable at settlement time.

4. What is the interest rate?

a. Is the interest rate locked (goes up or goes down) for a time frame?

Stay tuned for more questions to ask your lender.

If you have additional questions contact our lender Troy Hine via email: hinet@prefmtg.com or phone: 703.850.4227, you'll be glad you did!

View Coldwell Banker informational videos: http://coldwellbanker.feedroom.com/

For more information view my website @ www.cbmove.com/tracy.martin

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