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Hart West Financial June 22, 2013

Important Questions to Ask Your Colorado Home Mortgage Lender

 

When you are taking out a mortgage for your Colorado home, there are a number of important questions you should be asking your lender before signing on the dotted line.

Asking the right questions will ensure that the mortgage is right for you and that you are fully informed about the deal you are getting into.

Here are a few of the questions that you should be asking your lender:

What documents do I need to provide?

In order to qualify for a mortgage, you will need to show your lender certain documents such as proof of income as well as evidence of employment and assets. They will also need to have permission to pull your credit report. Ask your lender what they require so that you can have everything at the ready.

What are the closing costs?

Your mortgage will also include fees for the services that the lender provides, as well as the other parties involved in the transaction. It is important to know about these fees so that you can include them in your budget.

Can I lock in the interest rate?

Some lenders might allow you to lock in your interest rate, as it will fluctuate between the time you apply and the close of the house sale. This might cost a fee, but it could allow you to take advantage of a low rate and lock it in for the length of the mortgage.

Is there a penalty for prepayment on the loan?

Some types of loans will charge a penalty if you want to pay them off early. This could be as high as 1% of the overall loan amount, or six months of interest. However, some lenders will offer lower interest rates for buyers who are willing to accept a prepayment penalty. This is information that you will need when making your decision, as it might affect how you plan to pay off the loan.

These are just a few important questions that you should be asking your mortgage lender before making the final decision on a mortgage.

To find out more about getting a mortgage loan on a Colorado home, contact us right away.

Filed Under: Custom Content, Mortgage Tips Tagged With: mortgage faq, mortgage loans, mortgage questions

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About Hart West Financial

Hart West Financial is a home mortgage firm licensed in Arizona, Colorado, New Mexico, Oregon, Utah, and Washington. They take pride in offering top-quality service and providing very competitive pricing due to their non-commission loan officer based business model. Call Hart West Financial today at 800-910-1937 to get your home loan approved today!

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Hart West Financial, Inc.
9805 E Bell Rd. Ste 120
Scottsdale Road, AZ 85260
NMLS #116830
AZ MB 0901832; CO 100008133; NM 01938; OR ML-2751; UT 5491769NMLC; WA MB-116830
Cindy Schweikert Loan Originator NMLS #116611
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9805 E Bell Rd. #120
Scottsdale, AZ 85260

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