Getting a mortgage is an exciting and sometimes scary time. You want to make sure that the process is as smooth as possible, so make sure to ask the right questions of your online mortgage broker. There are three must ask questions when it comes to getting a mortgage online.

Can I lock in my interest rate?

The interest rate for the mortgage you are applying for can go up and down in the time that it takes to actually apply for the mortgage. It is wise to ask the lender if you can lock in the quoted interest rate during the time it takes to get your mortgage. Make sure that there isn’t a fee for this service and as long as you are locking things in, see if the lender will also lock in the points.

Is there a prepayment penalty on the loan?

It is important to find out what kind of penalties can be accessed if you should choose to sell your home before the loan is paid off. Ask specifically how the fee is calculated, because often it differs depending on how long you have lived in the home and several other factors. Find out exactly how the fee is determined so you know what to expect if you pay the loan off early.

What can delay the approval of my loan?

You want to be in your new home as quickly and easily as possible so it is important to anticipate what can delay that from being a reality. If you have provided the lender with accurate information, there shouldn’t be any delays, but it is wise to keep on top of any problems.

It is important to make sure that you are comfortable with your choice in an online mortgage broker, so don’t be afraid to ask him every question you can think of, even if you think your questions are silly.

Carrie Reeder is the owner of http://www.ABCLoanGuide.com, an informational website about various types of loans.

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