Brought to you by 7th Level Mortgage LLCApply Now MNC mortgage education
Compare loan structure, payment risk and upfront costs alongside the requirements for your property and application.
Compare the repayment term and whether the rate is fixed or adjustable. A shorter term can mean a higher payment. With an adjustable rate, understand when changes can begin and how far the rate and payment may move.
Use Loan Estimates for comparable loan amounts and structures. Review the monthly payment, mortgage insurance, upfront charges and lender credits. Ask why tax or insurance estimates differ; a lower estimate is not necessarily a saving.
Discuss program eligibility and the documents needed for review. Ask your mortgage professional to explain the alternatives and the reasons for any recommendation. A program description or initial estimate does not establish approval for a particular borrower or property.
By Anthony Piccone · 7th Level Mortgage LLC
CFPB: Understanding loan choices
General information is useful. A mortgage professional can help you evaluate the facts that apply to you.
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