When it comes to screening lenders there are several things you need to consider before making an informed decision. You need to ask your lender the right questions to get this information. Here is what you need to know.

How Long is my Lock Period?

The interest rate for any given loan you find on the Internet can change in just the amount of time it takes you to fill out the contact form on the website. You need to ask the lender or broker how long they will guarantee the interest rate you are being quoted. This guaranteed period is called the mortgage lock period. As long as you close prior to the expiration of the lock the lender will guarantee your interest rate.

Are There Any Prepayment Penalties?

You need a clear picture of any fees or penalties associated with your mortgage. One important penalty to be aware of is the