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10 essential questions to ask your mortgage lender before borrowing
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Securing a mortgage is a significant financial commitment in any economic landscape, but especially right now. Not only are home prices high in most markets — but so are mortgage rates. While it was easy to find mortgage loan rates in the 3% range in 2020 and 2021, the average rate is now above 7% on 30-year conventional mortgage loans.
Buying a home can still be a smart move in today’s high-rate environment, of course, provided that the financials make sense for your budget. But given today’s elevated home buying costs, it’s crucial to gather all the information you need before making this substantial investment.
Get started and explore your top mortgage loan options now.
10 essential questions to ask your mortgage lender before borrowing
Before you borrow money to purchase a home, make sure to ask prospective lenders the following questions. Doing so can help ensure that what’s being offered is a good fit for your needs:
What types of mortgages do you offer?
What types of mortgage loans a lender offers is an important question to start with. After all, the mortgage market is diverse, and not all lenders offer every type of mortgage loan. Plus, some may have access to unique borrowing programs or mortgage loan offers that you qualify for, but you won’t know unless you ask.
So, be sure to inquire about the types of mortgages each lender offers, such as fixed-rate mortgages, adjustable-rate mortgages (ARMs) or government loans. Understanding the options available to you will help you choose the best mortgage lender — and the mortgage loan that best aligns with your financial goals.
Find out the mortgage loan rates you may qualify for here.
What is the interest rate and annual percentage rate?
The interest rate tied to your mortgage loan is a critical factor in the cost of your mortgage. The difference of even a fraction of a point could have a big impact on what you pay each month — and on your total mortgage loan costs — so it’s important to fully understand what your rate is before agreeing to borrow money for a home.
But the interest rate is just one part of that equation. It’s important to understand both the interest rate your lender is offering and the annual percentage yield (APR). The APR reflects the total cost of the loan, including interest, fees and other charges. By comparing APRs among different lenders, you can get a more accurate picture of the total cost of each loan.
What are the closing costs?
The closing costs on your mortgage loan can add a significant amount to the total expense of buying a home. These costs generally range from about 3% to 6% of the total cost of the loan — but it can vary significantly based on the lender, the location of the home and other factors.
So, before borrowing, be sure to ask your lender for a detailed breakdown of the closing costs, which may include loan origination fees, appraisal fees, title insurance and other charges. Understanding these costs upfront will help you budget appropriately and avoid any surprises at closing. In certain cases, you may also be able to negotiate these fees to lessen the total cost of your loan.
Are there prepayment penalties or hidden fees?
Paying off your mortgage loan early can be a smart move, but be careful. Before you borrow money for your home, it’s important to understand that some mortgage agreements include prepayment penalties, which impose fees for paying off the loan early. And if you plan to try and pay off your loan early, that could have an impact on the mortgage loan you choose.
It also makes sense to inquire about any hidden fees or charges that may not be explicitly mentioned in the mortgage loan agreement. Being aware of these potential costs before you borrow can help prevent unexpected financial burdens down the road.
What is the down payment requirement?
Different mortgage loan programs can have varying down payment requirements, so clarify with your lender the specific down payment percentage needed for any mortgage loan you are considering. Understanding this requirement will help you plan your budget and assess the feasibility of the home purchase.
What is the loan term?
The loan term, or the number of years over which you’ll repay the mortgage, significantly impacts your monthly payments and overall interest costs. Common mortgage loan terms are 15, 20 or 30 years. Discuss with your lender the pros and cons of each term so you have the information necessary to choose the one that aligns with your financial goals and capacity.
What is private mortgage insurance and how can I avoid it?
If your down payment is less than 20%, you may be required to pay private mortgage insurance (PMI) on certain types of loans (like conventional loans). In turn, it’s important to understand how PMI works, its cost and how to avoid or eliminate it.
For example, some lenders offer options such as lender-paid PMI, and mortgage loan servicers are required to cancel PMI on certain loans once you reach a certain level of equity in your home. Knowing this information can help you make an informed choice on what options work best for you.
What documents do you need for approval?
You can help streamline the mortgage application process by asking prospective lenders about the required documentation for loan approval. Common documents include proof of income, tax returns, employment verification and credit history — but depending on your borrower profile, the loan type and other factors, you may need to provide other documentation to be approved for your mortgage loan.
Being prepared with these documents upfront will expedite the approval process and help you secure your mortgage more efficiently. By asking this question early in the mortgage loan borrowing process, you’ll know what to be prepared with when you formally apply for your loan.
Can you lock in the interest rate — and what is the rate lock period?
As we have seen over the last several years, interest rates can fluctuate, and in some cases, they can do so drastically. If this happens while you’re still in the loan process, it can affect the overall cost of your mortgage loan.
To help avoid this type of issue, you may want to inquire about whether your lender offers the option to lock in your interest rate — and, if so, for how long. A rate lock ensures that the agreed-upon interest rate remains unchanged during a specified period, so locking in a rate can provide you with rate stability during tumultuous markets.
What happens if I encounter hardship?
Life is unpredictable, and financial difficulties can arise without much warning. As such, it’s important to discuss with your lender their policies regarding financial hardship, such as job loss or unexpected medical expenses.
Understanding your options, whether it’s a temporary forbearance or loan modification, can provide peace of mind in case you encounter unexpected challenges.
The bottom line
Asking these important questions can help to empower you with the knowledge necessary to make informed decisions when borrowing money for a home with a mortgage. Remember that your mortgage lender is a valuable resource, and open communication is key to a successful borrowing process. By taking the time to understand the terms of your mortgage, you can ensure that you’re on a path to financial security and homeownership.
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How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
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The Minnesota Vikings will take on the Chicago Bears today. The Vikings are currently 8-2, an impressive run so far this season, and will be looking to add a fourth win to their current streak after last Sunday’s 23-13 win against the Tennessee Titans. The Bears, on the other hand, are entering this game on the heels of a four-game losing streak after a tough 20-19 loss against the Green Bay Packers last Sunday.
Here’s how and when you can watch the Vikings vs. Bears game today, whether or not you have cable.
How and when to watch the Minnesota Vikings vs. Chicago Bears
The Vikings vs. Bears game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Minnesota Vikings vs. Chicago Bears game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Fubo offers you an easy, user-friendly way to watch NFL games on CBS, Fox, NBC, ABC, ESPN, and NFL Network, plus NCAA football channels. The Pro tier includes 200+ channels and unlimited DVR, while the Elite with Sports Plus tier adds NFL RedZone and 4K resolution. New subscribers get a seven-day free trial and all plans allow streaming on up to 10 screens simultaneously.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
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How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
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The Detroit Lions will face off against the Indianapolis Colts today. The Lions enter this game as top contenders with a near-perfect record of 9-1 so far this season. The Colts, who are 5-6 this season, could have a tough game on their hands against the Lions but will be looking to rack up another win after prevailing over the New York Jets in a tight game last Sunday.
Here’s how and when you can watch the Colts vs. Lions game today, whether or not you have cable.
Here’s how and when to watch the Detroit Lions vs. Indianapolis Colts
The Lions vs. Colts game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Detroit Lions vs. Indianapolis Colts game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Experience NFL action like never before with Fubo’s comprehensive sports streaming platform. From Sunday showdowns to primetime matchups, catch every NFL game across major networks including CBS, Fox, NBC, ABC, ESPN and NFL Network. Choose the Pro package to unlock 200+ channels and limitless DVR storage, or elevate your game-day experience with the Elite with Sports Plus package, featuring NFL RedZone’s commercial-free scoring highlights and stunning 4K quality.
Test drive the service with a no-commitment seven-day free trial, and share the excitement with family and friends — Fubo supports simultaneous streaming on up to 10 devices, so everyone can watch their favorite teams.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games, and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
CBS News
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
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The New England Patriots will face off against the Miami Dolphins in a game today at the Hard Rock Stadium in Miami. The Patriots have had an uneven season so far, coming into the game with a record of 3-8, including a 28-22 loss to the Los Angeles Rams on November 17. The Dolphins, however, haven’t fared much better this season as they enter the game with a record of 4-6, although they are coming off two wins in a row, the latest against the Las Vegas Raiders last weekend.
Keep reading to find out how and when to watch the New England Patriots vs. Miami Dolphins game today, even without cable.
CBS, Paramount+ and CBS Essentials are all subsidiaries of Paramount Global.
How and when to watch the New England Patriots vs. Miami Dolphins game today
The New England Patriots vs. Miami Dolphins game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (10:00 a.m. PT). The football game will be shown on CBS and streamed on Paramount+ and the platforms noted below.
How and when to watch the New England Patriots vs. Miami Dolphins game without cable
While CBS is available with many basic cable packages, you’ll have other viewing options, too for the Patriots-Dolphins game. Just understand that the below streaming options will require the use of an internet provider:
Paramount+: Watch CBS-aired NFL games without cable
With Paramount+ you’ll have multiple viewing options to choose from. You can catch NFL games on the Paramount+ Essential tier for just $7.99 each month or you can watch college football with a Paramount+ with Showtime subscription for $12.99 monthly. In addition to live streams of NFL games airing on CBS, you’ll get to watch additional live sporting events including NCAA college football, PGA Tour golf, soccer and more.
Get started with Paramount+ here today.
Amazon Prime Video: Add Paramount+ to your existing subscription
Already have an Amazon Prime Video account? Simply add Paramount+ to your current subscription to watch all the CBS-aired NFL games in addition to Paramount+ originals. The same prices from above apply, depending on which tier you choose. Not sure which is best for you? Don’t worry. Both options come with a free seven-day trial that can help you decide.
Watch the Patriots-Dolphins game on Amazon Prime Video.
Fubo: Watch the Patriots-Dolphins game for free
Looking for an inexpensive way to watch football? Fubo could be the best way to do so. The live TV streamer is currently offering a seven-day free trial and $30 off of your first month’s subscription. Once subscribed, you’ll gain access to all of their live sporting events immediately. And there will be a lot to choose from. Not only does Fubo come with access to NFL games airing on your local CBS channel, it also includes Fox Sunday NFC games, “Sunday Night Football” on NBC, “Monday Night Football” on ABC and ESPN and all of the games that air on the NFL Network. So don’t wait.
Get started with Fubo online now.
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more