1. You can ask your lending institution for a list of its current mortgage rates. You'll want to ask your lender whether you're being quoted the
lowest rate for the day or week.
2. If the rate quoted to you on a loan in an adjustable-rate, ask when and how your loan payment will vary.
3. Ask what the loan's Annual Percentage Rate (APR) is. The APR will express as a yearly rate all of the fees associated with a loan
including the interest rate, points, broker fees and other credit charges you may be required to pay.
4. For better understanding, ask your broker or lender to quote you a dollar amount - rather than just a number - on any points you are being
charged on the loan.
5. If you are satisfied with a proposed interest rate, you can ask your lender if he or she can lock-in the quoted rate. There may be a fee
associated with locking in a rate and the agreement will generally only last 60 to 90 days.
What Additional Fees will be required in this Loan?
5