I am a first time home buyer. I recently bought a presale home that will complete in ~36 months and I am looking to get firm approval on a mortgage for it. I am currently talking to the banks. What are the questions should I ask?
So far I have been asking questions like:
- How long is the firm approval valid for? until the completion?
- Whether the capped /builder r-a-t-e is fixed or variable? (I think the fixed r-a-t-e is a must as from my understanding this is the ceiling and no binding.)
- How much lump sum installments they allow per year and do they allow to do it incrementally or at a specific time of the year (ex: anniversary of the morgage start) ?
Do these questions make sense? Do you have any other recommendations / important things that I should ask them? Thanks you so much for all the help!!
u/Illustrious-Work-473 — 17 days ago