When screening mortgage lenders it helps to ask the right questions. Asking mortgage lenders the right questions can help you avoid making costly mistakes with the new mortgage. Here are the questions you need answered.

Shopping for a new mortgage can be an intimidating process. Your goal when refinancing should be to save money over your previous mortgage; however, mistakes can rob you of potential savings and cause you to overpay for your new mortgage. You need to do your homework and ask the right questions when shopping for your new loan.

What is the lock period for the loan?

You will need the mortgage lender to guarantee the interest rate you have agreed on. If the mortgage lender agrees to a lock it will last for a specified period of time. You must close on the mortgage before the lock expires or the lender may raise your interest rate. Make sure the lender gives you a realistic amount of time to close.

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