I am not a loan officer, or mortgage broker. But as a real estate agent, I have watched as people apply for fixed rate mortgages and noted a few things that should be part of your decision making process when considering a fixed rate mortgage. Here are a few:

  1. What is the interest rate?
  2. How long is the rate quote guaranteed?
  3. What number of points, including loan origination fees, will be charged?
  4. What is the annual percentage rate?
  5. What is the length of the mortgage (repayment term)?
  6. Is the loan assumable?
  7. Are there pre-payment penalties?
  8. Will you need Private Mortgage Insurance (PMI)?
  9. What will your monthly payment be?
  10. What does your monthly payment include? Escrows for taxes, insurance?
  11. What are the estimated closing costs for the loan?
  12. What fees are due at application? Are there other fees to be paid?