What Questions Should You Ask a Lender When You’re Mortgage-Shopping?

What Questions Should You Ask a Lender When You're Mortgage-Shopping

Will they sell your mortgage? Some lenders will hold your mortgage in-house, while others will sell it to another lender after a time. If you can get your mortgage held locally and have a job with direct deposit, you have the option to set up a bank account and have part of your paycheck paid directly into an account from which the mortgage payment will be deducted. This provides you with the following benefits:

  • If you’re paid twice a month or bi-weekly, your mortgage payment can be withdrawn in two smaller payments rather than one large one.
  • For those who want to pay down the principal early, you can set up the payment to “strip” or pull all the money out of the account and make a small additional payment each month.

Does the bank require 20% down? If you have that much to put down, it may be tempting to do so. However, if you can make a smaller down payment and hold onto additional cash for a year or two, that money can help with any unexpected repairs. It’s nice to think that nothing will go wrong, but even brand new houses can have problems.

Do they offer commercial loans? If you’re just starting out, it’s a good idea to consider purchasing a duplex and living in one half of it. It may not be your ideal brand new first home, but it’s one of the only ways to get your neighbor to pay your house payment.

Are the rates fixed or flexible? When you’re starting out, it’s a very good idea to try to get a loan with a fixed rate. While the prime rate is currently quite low, that’s no promise that it won’t change. It’s tempting to think you can refinance if the rate changes, but if your credit rating changes, you may be stuck with a very expensive mortgage until you can refinance.

Is your loan an interest only with a balloon? There are points at which these loans make business sense, but if you plan to stay in the house long term, the balloon loan is not a good vehicle.

Are You Thinking of Buying a Home in Dubois County?

Use our site to search homes for sale in Jasper, Dubois, Spencer, Martin and Davis counties and all of our surrounding areas. Unlike the “big name” sites out there, at Sell 4 Free Welsh Realty our site is directly connected to our local MLS and is updated with new homes every hour. By signing up for New Listing alerts you can stay on top of the newest homes for sale and get price change alerts so you can stay ahead of other buyers and beat them to the hottest deals!

Start your Home Search now

Popular Jasper Indiana Home Searches:

Newest Homes for Sale in Dubois County

View the newest homes listed in Dubois County in the last 10 days:

This majestic two story home on nearly 23 acres inside the city limits of Jasper is truly one of a kind. As you come up the winding driveway, the property will "wow" you. Inside the front door you will see the two story-foyer, spacious living room with gas fireplace, and the grand dining room with magnificent chandelier. The huge kitchen has been completely remodeled with custom cabinets, quartz countertop, and all of the appliances a chef would want. The family room provides even more space and also has a gas fireplace. The guest suite on the main floor could also be used as a master suite. Upstairs you will find a master suite with a 19' x 15' walk-in closet loaded with shelves and an island. There are two more roomy bedrooms, both of which share access to a recreation room that would be a kid's dream, along with another full bathroom. The finished basement has a wet bar, large recreation area, and a half bathroom. The freshwater pool was installed in 2014, and comes with a climate-controlled pool house with full bathroom. Like tennis? Serve it up on the like-new tennis court that was resurfaced in 2021. The detached garage also has office space and a loft, which is wonderful for people who work from home but don't want the distractions of home. This fantastic home has all new Anderson windows and new flooring throughout the main floor. Also, the landscaping is irrigated, so go enjoy your evenings doing something fun! $1,100,000 Active

445 3rd Avenue Jasper, Indiana

4 Beds 6 Baths 6,861 SqFt 22.830 Acres

Listing courtesy of Steve Lukemeyer from F.C. TUCKER EMGE.

SPACIOUS Describes this 3 bedroom, 2 1/2 bath home with over 1,800 finished square feet, attached oversize 2-car garage on double corner fenced lot with utility shed in backyard. HiLite of Living room is large wall Fireplace; yet it is semi-open to Dining Room & adjoining equipped kitchen. Half Bath & Massive Laundry are convenient to kitchen and entry from garage. Three Full Size bedrooms and 2 Full Baths are down the hall to the Left of the living area. Many rooms have 'Original Oak Hardwood Floors'! For outside entertaining there is a 10 x 22 covered deck as well as two open concrete patios with access to full lot backyard anxious for a New Owner's Playground and/or Garden Spot. City of Huntingburg E/W/S/G Budget Billing $248/Month. Conveniently located on the 'Walking Trail' from Huntingburg Elementary, Southridge Middle & High Schools Complex into Huntingburg to City Park, Historic League Stadium, Uptown Shopping and Huntingburg Memorial GYM. Don't Miss Your Opportunity On This 'Special Find'! $264,777 Active

102 OAK Street Huntingburg, Indiana

3 Beds 3 Baths 1,808 SqFt 0.689 Acres

Listing courtesy of Delmar Bromm from HOFFMAN & MULLEN REALTY INC.

Privacy Settings