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We’ve talked about the need for shopping around for the perfect mortgage loan, but have we talked about the questions you should ask your mortgage lender to better understand your contract?

You’ll need to ask the right questions to ensure your understanding of your mortgage contract. Check out our tips on questions below:

Loan Types

Not all mortgage lenders are the same, and not all loans are the same, either. Finding the right loan the you need is your top priority. Make sure you ask which loan types they have available.

Best for You

Maybe you’re unsure of what loan is the one you need and the one you can afford? After you fill out a loan application with your lender, they should be able to walk you through and answer which loan is the best for your needs.

Length of Time to Process

You’ll need to ask this question if you’re in a bit of a time crunch with moving into a new home. Asking your lender how much time they need to complete a mortgage can give you a good idea of a timeframe for your move-in date.

Down Payment Assistance

Most people need help with their down payment – especially if you’re a first-time homebuyer. Not all mortgage lenders participate in mortgage payment assistance programs, so it might be key for you to find one that does.

Finding the right mortgage and lender for you is important! Be sure to ask these questions – along with some of your own – to find your best match.

For more real estate news, stop by Alliance Title’s Blog.