Questions To Ask Your Lender   

    --What is the total loan amount?

    --What is the total amount financed?

    --How much cash will I get back?

    --What is the total monthly payment?

    --What is the length of the loan?

    --What is my annual percentage rate?  What is my interest rate?

    --What are the individual fees and what is the total amount of fees?

    --Is there a balloon payment?
    --Is my interest rate fixed or adjustable?  If adjustable, what is the CAP?
    --How often can it be adjusted?
    --How much can it adjust at any given time?
    --Is the rate tied to a t-bill or prime?

    --Are there prepayment penalties?

    --Is there an arbitration clause?

    --Will I be charged more for services than they cost you?

    --Are you planning to sell this loan?

    --Will my monthly payment include payment of principal?

Don't Borrow Trouble® is made possible by Freddie Mac.