Lana-Ricky Perez
What Questions to Ask When Choosing Lender?
Lana-Ricky Perez's profile image
Aug 3·1 min read

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

✔ Do you offer discounts for inspections, homeownership classes, or automatic payment setup? 

✔ 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.)? 

✔ 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?

Contact Form

For more information please fill out the form below