Important Questions to Ask Lenders

1. What type of mortgages do you offer? (e.g., fixed-rate, adjustable-rate, FHA, VA, etc.)
2. How much can I borrow?
3. What credit qualifications are required?
4. When will you check my credit?
   • Are you doing a hard credit check?
5. What will my monthly payment be? (including property taxes & homeowners insurance)
6. Do you offer a mortgage rate lock?
7. Can you explain what it means to but points on a mortgage?
   • How much will each point lower my interest rate?
   • What is the breakeven point for purchasing discount points?
   • What are the advantages and disadvantages of buying points?
8. What is the interest rate and APR?
   • Rates on Fixed-Rate Mortgages vs. ARMs?
9. What will I pay in total for this loan?
10. What’s the maximum debt-to-income ratio?
11. How much do I need for a down payment?
    • Do I qualify for a down payment assistance program?
12. Do I qualify for any home buying grants?
    • First-time home buyer programs?
13. Do you offer discounts? (Including Veteran Discounts if applicable.)
14. How much are closing costs?
    • Do you charge upfront fees?
    • Do you charge an origination fee?
    • Which of the fees can be waived or negotiated?
    • What additional fees should I expect at closing?
15. Will I need mortgage insurance?
    • What are the options?
16. Is there a prepayment penalty?
17. What options do you have for escrow accounts?
18. What is the process for refinancing the mortgage?
19. Are there penalties or fees for late payments?
20. Who will service my loan?
21. What is a grace period?
22. What bill pay options do you have?
23. How long will the loan approval process take?
    
    

 If you have any questions, please feel free to reach out to me.