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10 Questions to Ask Potential Lenders

You need a mortgage lender — to help you buy your first or a new home, to refinance your existing home or to borrow the equity in your current home. Shopping for a mortgage lender is an important step in getting the loan that’s best for you. You want someone who is reputable and who is focused on finding you the loan that best meets your particular needs.

Here are 10 questions to ask potential lenders:

1. Do you offer a range of loan options, so I can find the one best for me?
2. Which loan has the lowest up-front costs?
3. Which loan has the lowest monthly payments?
4. What is the annual percentage rate (APR) of my loan?
5. What are the points for this loan?
6. What will the processing fees cost?
7. Does this loan have a prepayment penalty?
8. Will this loan require private mortgage insurance?
9. Who will service my loan?
10. What will be included in my monthly mortgage payments?

Want to learn about qualities to look for in potential lenders? Download the FREE Choosing a Lender Checklist.

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