The El Paso real estate market is plentiful with great options for you spanning across the city. When you come to the point in your journey to compare El Paso mortgage lenders, you will need to be prepared with some information that can benefit your search for the best option. Despite getting quotes from online mortgage providers, your search for the best El Paso mortgages may include a series of questions that speaking to someone in a reputable mortgage provider can offer.
Some questions you may want to be prepared to ask is:
What is the current interest rate of the mortgage being considered?
Will the discount points or origination points be included? Discount points include the money spent to buy down the interest rate. Origination points include the fees that some lenders charge in the El Paso mortgage process.
Can you provide me with a good-faith estimate? This will provide you with an estimation related to all the fees and closing costs involved. If the mortgage lender refuses to offer you this, then do not do any kind of business with them!
Will the interest rate be locked in and if so, what will it cost me to do so? If you suspect that your rates may go up before closing, you may be allowed by your lenders to secure an interest rate in advance of the closing of your El Paso mortgage. Be aware that lenders will charge a service fee in providing you with a set interest rate guaranteed. Compare lenders for the lowest fee in this case.
What is the minimum down payment required for this mortgage loan? Compare lenders quotes on minimum down payments, usually there is a 20% down payment required. Be prepared to inform the lender on the amount you intend on putting down in order to prepare you with the best options.
There are many more questions to ask, but be prepared in advance before you step out the door to stick to the questions you have and see what outcome they can offer you.If you are interested in learning more about El Paso mortgages, feel free to contact Marquis Realty. We are located at 1473 N Lee Trevino El Paso, Texas 79936. Or you can call us at (915) 921-1003.