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    Questions to Ask When Choosing a Lender


    Loan terms, rates, and products can vary significantly from one company to the next. When shopping around, these are a few things you should ask about.

    General questions:  

    • What are the most popular mortgages you offer? Why are they so popular?
    • Are you licensed by the state?
    • How are you keeping my personal information secure? Are you selling my information?
    • Are your rates, terms, fees, and closing costs negotiable?images (2)
    • Do you offer discounts for inspections, home ownership classes, or automatic payment set-up?
    • Will I have to buy private mortgage insurance? If so, how much will it cost, and how long will it be required?
    • What escrow requirements do you have?
    • What kind of bill-pay options do you offer?


    Loan-specific questions:

    • What would be included in my mortgage payment (homeowners insurance, property taxes, etc.)?
    • How do I know this is the best rate?
    • Which type of mortgage plan would you recommend for my situation?
    • Who will service this loimagesan—your bank or another company?
    • How long will the rate on this loan be in a lock-in period? Will I be able to obtain a lower rate if the market rate drops during this period?
    • How long will the loan approval process take?
    • How long will it take to close the loan?
    • Are there any charges or penalties for prepaying this loan?
    • Could you estimate closing costs for my loan?
    • How much will I be paying total over the life of this loan?

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