QUESTIONS FOR YOUR LENDER It is always a good idea early on in the homebuying process to research mortgages, rates and special programs that you may be eligible for. There are many programs available through diverse lending institutions which feaure below market interest rates, or special incentives. Sometimes they are specific location related, or available to only first time buyers. Note Holcberg Ltd receives nor accepts any compensation for any recommendations we might make to our buyers. We pride ourselves on being informed about most special programs offered by Buffalo area financial institutions, and any recommendation any Holcberg Associate might make is usually based on buyer's specific circumstances. So when you first start searching your alternatives, here is a suggested list of questions: What special programs do you have that might save me interest or closing costs? (If you know the specific address or area, let the loan officer know) What is the interest rate? How long can I "lock-in" the financing at the current interest rate? Is a float down lock available in case rates drop and I have already locked in? What are the fees that you will charge in conjunction with my loan? Is there a pre-payment penalty clause? Do I have to pay "points" to get this new mortgage? Usually local financial institutions do not charge points for the cost of giving you a mortgage loan, but some mortgage brokers and on-line mortgage companies do. A "point" is 1% of the loan. Will you require mortgage insurance? Is the loan serviced locally or is the servicing sold? Will you as my loan officer be easily accessible to me and my agent? Do you forsee any problem in my obtaining a mortgage commitment by the commitment date set forth in my contract? If you have any questions or desire further information please call 716 884-1144 or email info@holcberg.com Holcberg Ltd. Real Estate Brokerage, 716-884-1144 www.holcberg.com