Planning to shop for a mortgage on-line? It is a good idea to answer the following questions first, so you know exactly what you are shopping for.
1. Do I want an FRM or an ARM?
2a. Which ARM do I want? Or:
2b. Which FRM do I want?
4. Do I want an interest-only option?
5. Which rate/point combination do I want?
6. How large a down payment should I make?
7. Do I waive escrows?
8. Do I accept a prepayment penalty clause?
9. How long a lock period do I need, and when should I lock?
10. What documentation requirements should I seek?