Ask your mortgage expert as many questions as possible. Here is a good place to start:
- How much property tax and insurance does the reserve account require?
- Is private mortgage insurance required? If so, what is the fee and at what point can it be dropped altogether?
- What is the anniversary, margin and index for payment adjustments and options?
- When can an adjustable rate mortgage be converted to a fixed rate mortgage?
- What charges and extra appraisals are involved?
- At what point do you pay the property taxes to ensure the year's income tax deduction?
- Is this loan going into your portfolio or will it be sold on the secondary market?
- When are the payments due? When are the late fees levied and what is their amount?
Call our mortgage line at (718)-668-1212 and speak to an agent today!
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