Ten Questions to Ask Your Lender

  1. What are the most popular mortgage loans you offer?
  2. Which type of mortgage plan do you think would be the best?
  3. Are your rates, terms, fees, and closing costs negotiable?
  4. Will I have to buy private mortgage insurance? If so, how much will it cost and how long will it be required?
  5. Who will service the loan? Your bank or another company?
  6. What escrow requirements do you have?
  7. How long is your loan lock-in period? Will I be able to obtain a lower rate if they drop during this period?
  8. How long will the loan approval process take?
  9. How long will it take to close the loan?
  10. Are there any changes or penalties for prepaying the loan?