17 Questions for Your Mortgage Lender | Melissa Irish
Melissa Irish

17 Questions for Your Mortgage Lender


Preparing questions to ask mortgage lender

Before you buy a home, you’ll need a good mortgage lender. It’s a good idea to talk to at least three different mortgage lenders before making a final decision.

Start by asking friends and family for a recommendation or work with a local favorite, like HomeServices Lending. When you’ve found a few good companies to talk to, ask these 17 questions to help you decide if their service is right for you.

  1. What rate are you currently offering?
  2. Can I lock in this rate while I wait for my loan to close? (If so, how much will that cost me?)
  3. How long will the approval process take?
  4. How much will my monthly payment be (including insurance, taxes, escrow)?
  5. Will the monthly payment change later during the course of my loan? If so, when?
  6. Which type of loan do you recommend for me (15-year fixed, 30-year fixed, ARM, etc.)?
  7. Are there any special programs I can take advantage of (such as for military personnel or first-time home-buyers)?
  8. What information do I need to provide to you to get approved for the loan?
  9. What fees do I need to pay to close the loan (for example, for home appraisal)? How much will these fees cost?
  10. Will I have to pay any points?  If so, what is the cost?
  11. How (and where) do you do the final paperwork (online, by mail, in an office)?
  12. Do you accept e-signatures for documents (signature over email or internet)?
  13. Where will the title be signed?
  14. Will your company manage my loan after it closes? Or, will you sell it to someone else?
  15. Will I be penalized if I make early principal payments (or pay off the loan early)?
  16. Are you licensed in my state?
  17. Will your company sell my personal information?

Want a totally personalized loan experience? YourReeceNichols agent can put you in touch with one of the professionals at HomeServices Lending today. Or contact HomeServices Lending directly.