What to Ask About the Lender and About the Loan When Applying for a Mortgage

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When applying for a mortgage, here are five questions you should ask about your lender and ten questions you should ask about the loan itself:

Questions to Ask About the Lender

1. Are they licensed by the state they are originating the loan in?

2. Who are you representing?

3. What type of loan programs do you offer?

4. Do you have the ability to estimate your fees?

5. How are you securing my personal information? Are you selling it?

Questions to Ask About the Loan

1. Do I even qualify for this loan? What are the guidelines?

2. What is the interest rate I’m going to pay?

3. What are the closing costs?

4. How many discount or origination points am I going to pay?

5. When can I lock the interest rate? How long is the lock good for?

6. What is the minimum down payment that I can put on this loan?

7. What documents do I have to present for this loan?

8. How long will it take to process my loan application?

9. Will there be any delays in processing this loan?

10. Who will be servicing this loan if I sell it?

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What to Ask About the Lender and About the Loan When Applying for a Mortgage