Top Questions to Ask Your Mortgage Lender Before Signing

1. What Types of Loans Do You Offer?

Understanding your options is key to choosing the best mortgage for your needs. Lenders typically offer a variety of loans, such as fixed-rate, adjustable-rate mortgages (ARMs), FHA loans, and VA loans. Each type comes with different terms, interest rates, and benefits. Ask your lender to explain the pros and cons of each option to determine which suits your financial situation best.

2. What Is the Interest Rate and Is It Fixed or Adjustable?

The interest rate directly affects your monthly payments and the total cost of your mortgage. Fixed-rate mortgages maintain the same interest rate throughout the life of the loan, offering stability in budgeting. Adjustable-rate mortgages, on the other hand, may start with a lower initial rate that changes periodically based on market conditions. Clarify the details, such as how often the rate can change and by how much, if considering an ARM.

3. What Are the Closing Costs?

Closing costs can include loan origination fees, appraisal fees, title insurance, and more, potentially amounting to 2-5% of the loan principal. Ask for a detailed breakdown of these costs early in the process to avoid surprises at closing. Inquire whether any part of these expenses is negotiable or if assistance programs are available to help cover them.

4. Are There Any Prepayment Penalties?

If you plan to pay off your mortgage early or make extra payments to reduce the principal, ensure that your lender doesn’t charge prepayment penalties. This clause can prevent you from saving on interest if you wish to pay down your debt faster. Confirm the terms so you don’t face unexpected fees if your financial situation allows for early repayment.

5. What Is the Minimum Down Payment Requirement?

Down payments vary, often between 3% and 20% of the home's price. A higher down payment can mean lower monthly payments and potentially better loan terms. Ask about the minimum requirement for your chosen loan type and whether private mortgage insurance (PMI) is necessary if your down payment is less than 20%. PMI adds to your monthly expenses, so understanding when it can be removed is crucial.

6. Can You Estimate the Monthly Payment and Total Loan Cost?

Knowing the total cost of your loan, including principal, interest, taxes, and insurance (PITI), helps you budget effectively. Request an itemized estimate of your monthly payments, including any PMI or HOA fees if applicable. This insight ensures you won’t overextend your budget once the mortgage is finalized.

7. How Long Does the Loan Process Take?

Understanding the timeline for processing your loan is vital, especially if you’re in a competitive market. Ask your lender about the average time for loan approval and funding. This helps set realistic expectations and allows you to plan for contingencies if there are any delays.

8. What Happens If My Financial Situation Changes?

Life is unpredictable, and your finances can change. Inquire whether the lender offers any flexible solutions, like payment deferments or restructuring options, in case of job loss or unexpected financial difficulties. Knowing your lender’s policies ahead of time can provide peace of mind.

9. Can I Lock in the Interest Rate?

Interest rates can fluctuate frequently. Ask if the lender offers rate-lock options and for how long. This feature can protect you from market changes during the loan processing period, ensuring you benefit from the rate quoted when you applied.

10. Are There Any Additional Fees or Fine Print I Should Know About?

Always ask for clarity on potential hidden fees or charges that could arise. These can include application fees, document preparation costs, or maintenance charges. Getting a clear understanding helps avoid unexpected financial obligations post-signing.

Taking the time to ask these questions can help ensure that you choose a mortgage lender and plan that align with your financial goals. For personalized mortgage guidance or any questions, contact Eagle Mortgage today. We’re here to support you every step of the way in making your homeownership journey as smooth as possible.

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Egg Roll Noodle Bowl

By Liz Gibbs • March 28, 2025

Prep Time Cook Time Yield 15 min 15 min 4 servings Ingredients 1 tablespoon sesame oil 1/2 pound ground pork 1 tablespoon soy sauce 1 teaspoon ground ginger 1/2 teaspoon salt 1/4 teaspoon ground turmeric 1/4 teaspoon pepper 6 cups shredded cabbage (about 1 small head) 2 large carrots, shredded (about 2 cups) 4 ounces rice noodles 3 green onions, thinly sliced Additional soy sauce, optional Directions In a large cast-iron or other heavy skillet, heat oil over medium-high heat; cook and crumble pork until browned, 4-6 minutes. Stir in soy sauce and seasonings. Add cabbage and carrots; cook until vegetables are tender, stirring occasionally, 4-6 minutes longer. Advertisement Cook rice noodles according to package directions; drain and immediately add to pork mixture, tossing to combine. Sprinkle with green onions. If desired, serve with additional soy sauce. Nutrition Facts 1-1/2 cups: 302 calories, 12g fat (4g saturated fat), 38mg cholesterol, 652mg sodium, 33g carbohydrate (2g sugars, 4g fiber), 14g protein. Diabetic Exchanges: 2 medium-fat meat, 2 vegetable, 1-1/2 starch, 1/2 fat.

Beer Batter Fish Made Great!

By Liz Gibbs • March 6, 2025

Prep Time: Cook Time: Total Time: Servings: 15 mins 15 mins 30 mins 8 Ingredients: - 2 quarts vegetable oil for frying - 8 (4 ounce) fillets cod - salt and pepper to taste - 1 cup all-purpose flour - 2 tablespoons garlic powder or to taste - 2 tablespoons paprika or to taste - 2 teaspoons salt or to taste - 2 teaspoons ground black pepper or to taste - 1 large egg, beaten - 1 (12 fluid ounce) can or bottle beer, or as needed Instructions: 1. Gather all ingredients. 2. Heat oil in a deep fryer to 365 degrees F (185 degrees C). Rinse cod fillets, pat dry, and season with salt and pepper. 3. Mix flour, garlic powder, paprika, salt, and pepper in a large bowl; add egg and stir well to combine. Gradually mix in enough beer to make a thin batter. 4. Dip cod fillets into the batter to coat. Carefully lower fillets, one at a time, into the hot oil. 5. Fry several fillets at a time, turning once, until cooked through and golden brown, about 2 minutes per side. 6. Drain on paper towels. Repeat to cook remaining fillets. Serve warm. Nutrition Facts (per serving) 448 Calories 30g Fat 23g Carbs 19g Protein

Broccoli Beef Braids

January 24, 2025

Prep Time Cook Time Yield 15 min 15 min 2 loaves (4 servings each) Ingredients: - 1 pound ground beef - 1/2 cup sour cream - 1/2 cup chopped onion - 1/4 teaspoon salt - 3 cups frozen chopped broccoli - 1/4 teaspoon pepper - 1 cup shredded part-skim mozzarella cheese - 2 tubes (8 ounces each) refrigerated crescent rolls Directions: 1) Preheat oven to 350°. In a large skillet, cook beef and onion over medium heat 6-8 minutes or until beef is no longer pink, breaking beef into crumbles; drain. Stir in broccoli, cheese, sour cream, salt and pepper; heat through. 2) Unroll 1 tube of crescent dough onto a greased baking sheet; form into a 12x8-in. rectangle, pressing perforations to seal. Spoon half the beef mixture lengthwise down center of rectangle. 3) On each long side, cut 1-in.-wide strips at an angle, from the edge to about 3 in. into the center. Fold 1 strip from each side over filling and pinch ends together; repeat. 4) Repeat with remaining ingredients to make second braid. Bake 15-20 minutes or until golden brown. Nutrition Facts 2 pieces : 396 calories, 23g fat (6g saturated fat), 48mg cholesterol, 644mg sodium, 29g carbohydrate (8g sugars, 2g fiber), 20g protein. recipe from Taste of Home - https://www.tasteofhome.com/recipes/broccoli-beef-braids/#RecipeCard

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