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What to ask your mortgage lender

When looking for a lender, ask these questions to help find mortgage loan options that are right for you. Asking these questions can help you save time and money.

Finding a lender

Before deciding on your mortgage lender, shop around to find the right mortgage and loan terms for you. Ask for lender referrals from your family and friends or your local bank. You can also search online for lender reviews.

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Questions to ask a lender

Once you’ve selected a few possibilities, these questions can help you decide which lender will be best for you.

My Loan

  1. What loan products do you offer?
  2. Do you offer any first-time homebuyer programs or down payment assistance programs?
  3. What are your turnaround times for pre-approval, appraisal, and closing?
  4. What interest rates do you offer, and what is your annual percentage rate (APR)?
  5. What would I need to do to lock in my interest rate?
  6. What are your down payment requirements?
  7. What would my estimated monthly payment be?

Fees / Closing costs

  1. What lender fees will I be responsible for at closing?
  2. Use our closing costs calculator to estimate the fees for your area.
  3. Will I have to pay for anything prior to closing?
  4. Will you waive any of these fees or roll them into my mortgage?
  5. How much should I be prepared to pay as good faith (earnest money) deposit?

Customer Service

  1. How do you prefer to communicate with clients — email, text, phone, or in person?
  2. How can I view the status of my loan? Is it online or will I have to call?
  3. Do you have references I could contact to ask about their experience with you?
  4. Will your company be servicing my loan? (Will I be making mortgage payments to your company?)

This checklist is for educational purposes only. Be sure to communicate with your lender for specifics on the mortgage loan process.

What's next?

Now that you know the right questions to ask a lender, learn more about home loans before you purchase your home.

Understanding loan basics

More to explore