18 Mortgage Questions to Ask:

1. Is the mortgage automatically renewable when it matures, or will I have to
   re-qualify?
   
2. Can I ''skip'' a mortgage payment?
   
3. If I have ''doubled up'' on a mortgage payment, can I ''skip'' a payment at a later date?  If the current rate from the lender is higher that my contract rate when I wish to make a prepayment, will the lender provide a rebate?
   
4. Can I pay my property taxes directly or do I have to pay them through the lender? If they can not be paid directly, what interest is paid on the property tax savings account?
   
5. Is there any outstanding tax due on the property?
   
6. Can I sell the mortgage along with the house?
   
7. Is the prepayment amount based on the original amount, the current payment or the outstanding balance?
   
8. Can the monthly payment be reduced after it has been increased?
   
9. Can I take the mortgage with me when I sell the house? If so, can I ''port'' or ''port/increase/blend''? Can I port and reduce the outstanding
   balance?
   
10. Who decides if my mortgage allows a prepayment?
    
11. When selling my house, what will the penalty be if the buyer is not
    allowed to assume the mortgage?
    
12. Will the full mortgage amount be forwarded on closing or is the
    adjustment date used?
    
13. How often can the mortgage be prepaid?
    
14. How long is the interest rate guaranteed before closing? Is there any
    cost?
    
15. Will I get the benefit of a lower interest rate if rates
    drop?
    
16. When will the ''final'' rate be set?
    
17. Can I convert an open mortgage to longer fixed term? What does this cost? What type can I convert to? Are there any fees associated with conversion?
    
18. Is the ''early renewal'' feature offered?