From The Consumer Financial Protection Bureau

Dated: 01/14/2016

Views: 465

With all of the options out there, it is important to shop around and take the time to understand the terms of the different loans offered to you.

Tip: Ask these questions to better understand your loan offer:

• Is the interest rate fixed or adjustable?
• Do I need to pay points?
• What fees will I have to pay? Will I pay those myself or will the lender loan the fees to me?
• What is the term of the loan?
• How much will my payment be and will it eventually pay off my principal?
• What other costs will be added to my monthly payment?
• Can I repay the loan early without penalty?
• Will the payments change over the life of the loan? How high can my payment go?
• For an adjustable rate mortgage, are the payment adjustments and the interest rate capped?
• How much will I need to put down?
• Does the written offer match what I was told about the loan?

Home Towne

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Richard Hewitt

As a life long resident of St. Clair County, only having moved away long enough to serve honorably in the U.S. Navy, I have the local knowledge to help guide my clients to a great outcome. I bring a t....

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