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Five questions you need to ask of your mortgage lender
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[QUOTE="Caramelle, post: 252720, member: 150"] If you're buying a home, you would also want to find out if the mortgage amount will be sufficient to cover the entire purchase price of the property. If not, what percent or amount would be covered by the housing loan? If the mortgage amount is less than 100% of the price, the home buyer may have to pay a substantial sum of money in order to secure the property. The mortgage amount is determined after considering several factors which may include the assessed value of the property, the borrower's capacity to pay, and some other caps and criteria that a bank may impose. If there are indications that interest rates will go up in the near future, you may want to ask for a locked-in rate. This could help you save a substantial amount of money. Some housing loan providers will allow locked-in rates for 10 years depending on the loan term. [/QUOTE]
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Five questions you need to ask of your mortgage lender
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