The mortgage loan process can be very confusing and stressful, so I thought I might take this opportunity to share some good questions to discuss with your lender when applying for a home loan:
 
  1) What kind of fixed-rate and adjustable mortgage loans available?
  2) How long can I "lock-in" the financing at the current interest rate and what is the lock-in policy?
  3) Is a float down lock available in case rates drop after I have locked-in?
  4) What are the other fees a lender may charge me in conjunction with my loan?
  5) Are funds for a second mortgage available?
  6) Is there a pre-payment penalty clause? This involves extra charges for paying off the loan before
      maturity. About 80% of all mortgage loans are paid off early.
  7) What is the "grace" period?
  8) How late can a monthly payment be made before a late charge is assessed?
  9) What will happen if a payment is missed?
 10) If you ...