What to ask your mortgage lender

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?)