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

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

Published On: May 4, 2019|Categories: Blog, Jasper IN Real Estate, Mortgages|Tags: , , |

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  • If you’re paid twice a month or bi-weekly, your mortgage payment can be withdrawn in two smaller payments rather than one large one.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.

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Newest Homes for Sale in Dubois County

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

Rare opportunity to customize and make your own! This massive 4-bedroom, 4-full bath residence offers over 4,200 square feet of spacious, versatile living space, perfect for families of all sizes. Nestled in a serene location, edging a golf course and close to restaurants and shopping, this property boasts a unique blend of character and comfort, while presenting an incredible opportunity for customization and enhancement as a fixer upper. As you step inside, you'll find an enclosed porch with numerous windows, creating a bright and airy space ideal for relaxing, reading, or enjoying the outdoors without leaving the comfort of your home. Next, you’ll be greeted by the living, dining, and kitchen areas. The kitchen offers plenty of room and light along with dining space. Just off the kitchen is a dining room, or if preferred, could be used as your home office. The living room features large picture windows with a cozy fireplace. Throughout the home, you'll find beautiful original hardwood floors that add warmth and character to each room. The four generously sized bedrooms provide ample space for relaxation and privacy. The master bedroom is complemented with an en suite containing a closet which offers the convenience of main level laundry. One of the standout features of this home is the walkout deck on the upper level, offering a gorgeous view. Whether you're enjoying your morning coffee or hosting an evening gathering, this outdoor space is perfect for soaking in the beauty of the surrounding landscape.  The home is also equipped with two HVAC units, ensuring optimal comfort and climate control year-round, no matter the season. Additionally, the 2-car garage offers not only parking but also additional storage space. The garage includes a walkout basement, providing endless possibilities for customization – think of it as a blank canvas for your workshop, home gym, or additional storage area. For added convenience, the home features two laundry hook-ups, allowing you the flexibility to choose either the main level or the basement for your laundry needs. Both the main and basement levels are enhanced by cozy fireplaces, perfect for creating a warm and inviting atmosphere. The house also boasts numerous built-in storage solutions and an abundance of closet space, ensuring that all your belongings have a place. Don't miss out on this exceptional fixer-upper – it's a rare find in today's market and an opportunity you won't want to pass up. Sold "As Is" $232,500 Active

1804 Newton Street Jasper, Indiana

4 Beds 4 Baths 4,281 SqFt 0.490 Acres

Listing courtesy of Jesse Peters from eXp Realty, LLC.

Introducing this charming all-brick home featuring a desirable split floor plan with three bedrooms and  two and half baths.  Enjoy ample natural light in the cozy sun porch, perfect for relaxation or entertaining.  This home offers a blend of comfort and functionality with its open floor plan.  Dining room has a sliding door leading out to the secluded patio.  Half bath also serves as the laundry room with a stackable washer and dryer which is included and only 2 years old.  The overhead garage doors and microwave are 2 years old.  Dishwasher is 6 months new. Driveway has an extra parking pad. $282,000 Pending

1659 White Oak Drive Jasper, Indiana

3 Beds 3 Baths 1,449 SqFt 0.350 Acres

Listing courtesy of Brenda Krempp from RE/MAX Local.

Welcome to your worry-free dream home! This immaculate real estate listing boasts a myriad of recent upgrades, ensuring you can move in without the stress of potential breakdowns. From a recently replaced roof and a brand new HVAC unit, bathroom fixtures, kitchen cabinets, windows, blinds, landscaping, and kitchen appliances, every aspect of this property has been carefully refurbished for your comfort and convenience.   Additionally, you’ll find a new washer and dryer, garbage disposal, and flooring, completing the picture of a truly move-in ready residence. With immediate possession available, you can start enjoying your new home without delay. To further ease your mind, the seller has provided a home inspection for your convenience, giving you peace of mind about the quality and condition of your new abode. Don't miss this opportunity to step into a home that's not just beautiful but also worry-free and ready for you to make it your own. $215,000 Active

415 Giesler Road Jasper, Indiana

3 Beds 2 Baths 1,296 SqFt 0.280 Acres

Listing courtesy of Ryan Craig from RE/MAX Local.