Questions to Ask Your Lender
What kind of loans do you offer?
What kind of loan would you recommend for me? What are the advantages and disadvantages of this loan structure?
What is the current interest rate? Is the rate quoted the lowest for that day or week?
What is the Annual Percentage Rate (APR) of an offered loan?
Is the loan rate adjustable or fixed?
What are the discount points and origination fees?
What are all the costs of the offered mortgages?
If the rate is adjustable - how will rate and loan payment vary?
What are the qualifying guidelines for this loan?
What is the lender’s required down payment for this loan?
What documents will need to be provided?
What are the closing costs?
Will the lender guarantee the GFE (Good Faith Estimate) of settlement charges and loan terms?
Does the lender offer a loan rate lock? Is there a fee for the rate lock?
Is there a prepayment penalty?
Are you equipped to approve loans in-house?
How much time do you need to fund the loan?
Will mortgage insurance be required?
Can the term of the loan be extended?
Is there a cap on payment adjustments?