Is there a prepayment penalty clause?

Which terms are best for you depends on such factors as what changes you expect in your income and what you predict will happen in loan rates in the years ahead.

For example, if you only plan to reside in the home for a year or two, starting with a lower Adjustable Rate Mortgage (ARM) might be the best choice. If you have no plans to move, and feel that inflation will rise rapidly, a fixed rate would obviously be better.

Finally, and perhaps most importantly, consider speed and service. Buyers shouldn’t have to wait days for approval and weeks for closing just because the lender is slow.

Remember, qualified buyers are great prospects for lenders – so give your business to the lender who demonstrates they not only want it, they deserve it.