Mortgage Questions: There Are NO Dumb Ones

The old saying, "the only dumb question is the one you don’t ask" couldn’t be truer when it relates to your mortgage. The more you ask, the more you know. And the more you know, the better decisions you’ll make when getting a mortgage.

when you are ready to talk with a mortgage professional to figure out the best loan for your situation, have some information ready. This will help your banker or broker find you the absolute best mortgage.

Some common questions you should ask yourself are:

How long do you plan on staying in your home?
Do you think your income will grow substantially in the next 3-7 years?
Do you plan on starting (or growing) your family in the next 3-7 years?
Do you put money in a 401k or other long-term investment?
Are property values rising or declining in your area?
In order to pay a lot less interest down the road, can you afford a slightly higher payment with a 15-year or 20-year mortgage vs. a typical 30-year mortgage?

To ensure you get the best mortgage for your situation, always ask questions, get answers, ask more questions, and then make your decision. If you think you’ll be moving or refinancing in the next few years, consider an ARM. If you know you won’t be moving or refinancing, consider a 30-year or a 15-year fixed.

Isn’t saving a lot of money worth asking a few questions? If you have one now.. use the comment link below and ask away! If we don’t know the answer, we’ll get it for you!