4 Questions you should ask before signing your mortgage

– Hey guys, Ben Graham with RE/MAX here bringing you today's quick topic, two minute topic Four points to talk about, four questions to ask when you are applying for a mortgage

Ask these questions to your lender If you don't have a go-to lender, talk to me I work with an awesome lender that would be more than happy to walk this through with you on the phone or in person to get these answered First up is you gotta know what the APR is That's the annualized percentage rate

Anyhow, that's what the APR is I think you guys understand what that concept is, but make sure that you understand what that is because there could be those additional changes in there that skew that up higher than you thought originally you got quoted Make sure you ask that Of course, ask if there's a prepayment penalty My hope, my goal for everyone out there is that they pay down their house as fast as possible

The ideal, per my guy, Dave Ramsey, says take a 15-year mortgage, but if you can't do that, do a 30-year and just pay extra on it I know that's what we do Well, actually, we have a 20-year But anyhow, all that being said Point number three is make sure to match up the good faith estimate with the HUD settlement statement, just to make sure that those two numbers align and it makes sense

If you have questions on that, the lender and the title company are great people to ask that and explain what all the different numbers mean Then the fourth item, especially when you're shopping for a home, if you do the right thing and get qualified before you get out and start shopping, is to