10 Questions to Ask Your Lender
Be sure you find a loan that fits your needs with these comprehensive questions.
- What are the most popular mortgage loans do you offer?
- Which type of mortgage plan do you think would be best for me (us)? Why?
- Are your rates, terms, fees, and closing costs negotiable?
- Will I have to buy private mortgage insurance (PMI)? If so, how much will it cost and how long will it be required?
- Who will service the loan? Your bank or another company?
- What escrow requirements do you have?
- How long is your loan lock-in period? Will I be able to obtain a lower rate if they drop during this period?
- How long will it take to close the loan?
- How long will the loan approval process take?
- Are there any charges or penalties for prepaying the loan?
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