Mortgage Questions To Ask

" Is the mortgage automatically renewable when it matures, or will I have to re-qualify?

" Can I 'skip' a mortgage payment?

" If I have 'doubled up' on a mortgage payment, can I 'skip' a payment at a later date?

If the current rate from the lender is higher that my contract rate when I wish to make a prepayment, will the lender provide a rebate?

" Can I pay my property taxes directly or do I have to pay them through the lender? If they cannot be paid directly, what interest is paid on the property tax savings account?

" Is there any outstanding tax due on the property?

" Can I sell the mortgage along with the house?

" Is the prepayment amount based on the original amount, the current payment or the outstanding balance?

" Can the monthly payment be reduced after it has been increased?

" Can I take the mortgage with me when I sell the house? If so, can I 'port' or 'port/increase/blend'? Can I port and reduce the outstanding balance?

" Who decides if my mortgage allows a prepayment?

" When selling my house, what will the penalty be if the buyer is not allowed to assume the mortgage?

" Will the full mortgage amount be forwarded on closing or is the adjustment date used?

" How often can the mortgage be prepaid?

" How long is the interest rate guaranteed before closing? Is there any cost?

" Will I get the benefit of a lower interest rate if rates drop?

" When will the 'final' rate be set?

" Can I convert an open mortgage to longer fixed term? What does this cost? What type can I convert to? Are there any fees associated with conversion?

" Is the 'early renewal' feature offered?