When looking for the best mortgage to fit your specific needs and situation, it is important to ask the right questions to make sure you fully understand all the aspects of your loan. Whatever kind of mortgage you or your client need, Superior Mortgage Co., Inc. is the company to trust. We offer a wide range of mortgage products to fit your specific needs. Our VA loans offer 100% financing with all closing costs paid. We have jumbo loans up to 2.5 million, conventional loans with only 3% down, land loans, construction loans and many other loan programs. We are a mortgage company that specializes in all financial products and services related to mortgages. We are comfortable showing laymen how to navigate a variety of mortgage products and opportunities from initial contact through application and closing. We are familiar with VA, FHA, FNMA and FHLMC guidelines and regulations and residential and commercial mortgage lending practices. Before deciding upon the best mortgage for you, there are questions to ask your prospective lender to make sure you are making the best decision. These are:
- What type of loans do you offer and what are the qualifying guidelines for each?
- What is the interest rate and annual percentage rate (APR)? The federal Truth in Lending Act requires lenders to give you a “good faith” estimate of the closing costs including appraisal fees, title insurance, application costs and loan-origination fees before you show up to close. The lenders you talk to must combine the fees and interest to produce an Annual Percentage Rate, showing the yearly cost of the mortgage. This will make it easier for you compare the costs of different mortgage offers.
- What is the monthly payment going to be?
- How large of a deposit do I need?
- Is there a prepayment penalty?
- Do you offer loan rate locks and if so, how much do you charge for them?
- How long does it typically take for a mortgage to go through?
- Can you guarantee you will close on time?
- Are you going to hold this loan or sell it?