Questions to Ask a Mortgage Banker

In order to make an informed decision, it may be helpful to have the answers to the following questions.

Will this loan be sold on the secondary market or placed in your portfolio?
If private mortgage insurance is required, at what point will it become unnecessary so that it may be dropped?
When will the servicing department pay the property taxes to insure the income tax deduction for that year?
How many months of property taxes and insurance are required for the reserve account?
If obtaining an adjustable rate mortgage, describe how and when the loan can be converted to a fixed rate mortgage and what charges will be involved. Will another appraisal be required?
If obtaining an adjustable rate mortgage, what is the margin, index, and anniversary for adjusting the payments?
When is the house payment due? When is a late fee incurred? What is the late fee?
What is the up front charge for private mortgage insurance and the renewal?