Well aside from the obvious interest rate there are various components of
selecting a mortgage that should be taken into consideration: 1. Can you lock in
a rate and when? 2. What kind of property do you lend on? 3. What percentage of
the appraised value do you lend on? 4. How long is your rate protected? 5. Is
there an additional fee for this privilege. 6. Are there prepayment penalties?
7. Are there extension fees 8. What are the estimated total fees involved? and;
depending on the mortgage, adjustable vs. fixed the information needed becomes
even more complex and more critical due to the potential volatility of the
adjustable rate mortgages. In addition, there are other nuances and strategies
that are very important to overall savings.
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