10 Questions to Ask Your Lender      



Be sure you find a loan that fits your needs with these comprehensive questions.

1. What are the most popular mortgage loans you make? Why?

2. Which type of mortgage plan do you think would best for us? Why?

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? NOTE: Private mortgage insurance is usually required if you
make less than a 20-percent downpayment, but most lenders will let you discontinue the
policy when you've acquired a certain amount of equity by paying down the loan. 

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 (the time that the quoted interest rate will be
honored)? 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 charges or penalties for prepaying the loan?