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Home Financing MortgageMortgages are often difficult to understand in one go. One has to get abreast with more information and explanation from available resources or a mortgage originator. It can be really confusing at the start. One key mistake is comparing rates instead of the APR.

So, many prospective borrowers end up with a wrong mortgage company. Utah can offer many options for the right lender one deserves. So, before diving into the mortgage world, ask the following questions first.

Is your rate or APR the lowest I can get?

Provided the qualifications and the preferences you have, be direct in asking this question as lenders always avoid customers haggling with rates and other fees.

After I apply, how long will you hold my rate?

Usually, the best rates must come with a 30–45 day rate hold periods, also called “quick close rates.”

Is there a chance to obtain a pre-approval at a given rate?

Take note that pre-approvals, most of the time, come with rate premiums.

When prepaying, how much extra can I make annually without penalty?

The standard “closed” mortgages would give yearly prepayment options from a low of 10% or a high of 30% of the amount of the mortgage.

What are the payment frequencies available?

Mostly, lenders offer weekly, bi-weekly, monthly, and bi-monthly payment frequencies. It is advisable that you look for these options so you can easily manage your payment schedule.

Is it possible to break my mortgage any time?

Generally, breaking a mortgage early comes with a penalty. Some lenders, however, would only allow it if you sell your property. Some would not allow it at all.

Is it possible to increase my mortgage at any given time and at a discount and without penalty?

This is important when you are refinancing or planning to buy a more expensive home. Often, penalties are in place. Some would not offer the best rates to dissuade one to increase the mortgage.


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