Symptoms and Treatment
What is a UAV Drone?
|Obtain Cost Information
Be sure to get information about mortgages from several lenders or brokers.
Know how much of a down payment you can afford, and find out all the costs
involved in the loan. Knowing just the amount of the monthly payment or
the interest rate is not enough. Ask for information about the same loan
amount, loan term, and type of loan so that you can compare the information.
The following information is important to get from each lender and broker:
Ask each lender and broker for a list of its current mortgage interest
rates and whether the rates being quoted are the lowest for that day or
Ask whether the rate is fixed or adjustable. Keep in mind that when interest
rates for adjustable-rate loans go up, generally so does the monthly payment.
If the rate quoted is for an adjustable-rate loan, ask how your rate and
loan payment will vary, including whether your loan payment will be reduced
when rates go down.
Ask about the loan's annual percentage rate (APR). The APR takes into
account not only the interest rate but also points, broker fees, and certain
other credit charges that you may be required to pay, expressed as a yearly
Points are fees paid to the lender or broker for the loan and are often
linked to the interest rate; usually the more points you pay, the lower
Ask what each fee includes. Several items may be lumped
into one fee.
Ask for an explanation of any fee you do not understand.
||Have the lender or broker write down all the costs associated
with the loan. Then ask if the lender or broker will waive or
reduce one or more of its fees or agree to a lower rate or fewer points.
You'll want to make sure that the lender or broker is not agreeing to
lower one fee while raising another or to lower the rate while raising
points. There's no harm in asking lenders or brokers if they can give
better terms than the original ones they quoted or than those you have
Once you are satisfied with the terms you have negotiated, you
may want to obtain a written lock-in from the lender or broker.
The lock-in should include the rate that you have agreed upon, the period
the lock-in lasts, and the number of points to be paid. A fee may be charged
for locking in the loan rate. This fee may be refundable at closing. Lock-ins
can protect you from rate increases while your loan is being processed;
if rates fall, however, you could end up with a less favorable rate. Should
that happen, try to negotiate a compromise with the lender or broker.
Remember: Shop, Compare, Negotiate
When buying a home, remember to shop around, to compare costs and terms,
and to negotiate for the best deal. Your local newspaper and the Internet
are good places to start shopping for a loan. You can usually find information
both on interest rates and on points for several lenders. Since rates
and points can change daily, you'll want to check your newspaper often
when shopping for a home loan. But the newspaper does not list the fees,
so be sure to ask the lenders about them.
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