What Questions Must You Ask To A Money Lender?

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					             What Questions Must You Ask To A Money Lender?

When you approach a money lender for loan, you have to face a barrage of
questions regarding the loan. Never allow the questions to be one sided. You
need to have questions ready for the money lender as well. With your set of
questions, you will be able to judge the money lenders mode of business. You
will easily be able to know whether the mortgage lender is himself being as
honest as he wants you to be.

Questions that you need to ask to your mortgage lender:

1. What is the best loan available in the market?

A good lender will always bare all the loan options available for you. Not all
money lenders do this. Most push for the option that would benefit them the
most. You need to ask them in what way would the option suggested by them
benefit you. Be prepared to counter their answers. If required you can jot the
answers down for seek further clarification from other sources.

2. Try to know more about the interest rates

Unless you get a clear idea of the interest rates, you may be taken for a ride. So
insist on knowing the rates properly. Seek it in terms of the annual percentage
rates. A lender with the right intent will provide you details like adjustment
frequency, maximum annual adjustment, index etc.

3. A good lender would provide you with good faith of agreement. If you have to
persuade him for this, there are reasons to doubt his intent. The agreement will
include important features like title policy, credit report, inspection reports, other
applicable fees etc. Also a good lender will provide it within a stipulated time.

Answers to all these questions will help you get a clear idea about your money
lenders true intent

				
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posted:6/15/2011
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