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!