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Top questions to ask when choosing a mortgage lender


top questions to ask when choosing a mortgage lender

Not every loan is the same and not every lender can offer you the same options so the best thing when shopping around for a mortgage loan is to interview different mortgage brokers so you can determine which company offers the best terms and rates for you.

Financing a property is a great and important financial step and mortgage brokers understand that so do not be shy to ask these questions. A knowledgeable and reputable lender would be more than glad to educate you and answer any questions you may have.

Here are top questions to ask when choosing a mortgage lender.

Top questions to ask when choosing a mortgage lender

General questions:

What type mortgages do you offer? Which ones are the most popular and why?

Are your rates, terms, fees, and closing costs negotiable?

Do you offer discounts for inspections, home ownership classes, or automatic payment set-up?

Is private mortgage insurance required? If so, how much will it cost, and how long will it be required?

What are your escrow requirements?

What kind of bill-pay options do you offer?

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Loan-specific questions:

What would be included in my mortgage payment (homeowners insurance, property taxes, etc.)?

Which type of mortgage plan would you recommend for my situation?

Who will service this loan—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?

How much will I be paying total over the life of this loan?

Will you be selling the note after we close on the property?

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Download this questionnaire on a pdf file for better comparison of each lender's response.

These questions will enable you to compare each company's terms and rates as well as other options and then arrive at a decision that best suits your needs.

Go ahead and interview three to five lenders as that will give you a better idea of what is fair, low, high, common and uncommon for your current market.

Remember, that this is your financial life and if you don't take it serious no one else will so by asking these questions you tell mortgage brokers that you value and care about your money.

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