6 questions to ask your mortgage broker if you’re buying a High rise condo
When buying a Boston downtown high rise condo for sale, you’ll need to find a reputable mortgage broker who can assist you with obtaining mortgage financing. Before you select a high rise condo. Take the time to ask your mortgage broker these 6 questions.
Can you guarantee closing on time?
When you sign a contract to purchase a high rise condo, it will include a date you are supposed to close by. However many buyers end up going past that date because the lender can’t close on time. To avoid extra possible fees (penalties), select a lender who can assure you they can close on time or will incur extra costs if need be.
Do they charge a penalty for prepayments?
Beware some lenders charge a prepayment penalty to you pay off your mortgage early. If they do ask if they charge a penalty if you want to refinance the mortgage on your high rise condo
What loan would work best for my high rise condo?
A good mortgage broker should select a type of mortgage that best fits your situation. How long do you plan to live in the high rise condo. I a fixed rate better or an adjustable?
Should you pay discount points or not?
A good mortgage broker should give you options on paying points or not. Each point costs 1% of your home loan, and buying a point lowers your interest rate.
What costs are included in a loan estimate?
This will include interest, principle, credit reports, high rise condo appraisals, taxes, recording fees etc..
Can I lock in the interest rate?
Interest rates are constantly fluctuating, so when you see the rate lowered you want to be able to lock it in.