INTERVIEWING A MORTGAGE LENDER

Choosing a mortgage lender for your home purchase is a major decision in the mortgage process. Many times buyers will choose the lender that their real estate agent happens to recommend, but this doesn’t guarantee the best interest rates, fees, or the loans that will fit their individual scenario. To find the best loan, the Consumer Finance Protection Bureau (or CFPB) recommends comparing the options, fees, rates, and quotes from at least 3 different lenders before making your decision.

Not only will you want to review the formal Loan Estimate documents they will give you to find the best loan, you will also want to interview the lenders you are considering to figure out if you are comfortable with them and able to work well with them. While the concept of interviewing a mortgage professional can sound intimidating, we have compiled a list of questions you can ask them to make your interview seamless and give you as much information as possible.

Questions About the Lender:

  • Who do they represent?
  • Are they licensed by their state?
  • What are their loan programs?
  • What is the par rate for a 30-year fixed rate loan?
  • Will they service the loan themselves or sell it?
  • Can they estimate and explain the fees?
  • How long have they been a mortgage professional?
  • Do they have experience with borrowers in situations similar to you?

More Questions For Lenders:

  • Is there someone to contact if you have questions or concerns?
  • Is your personal information sold?
  • How can they keep your personal information secure?

Questions for Mortgage Brokers:

  • How are they paid?
  • How much would they make on the loan you are interested in?
  • Who are some of the top lenders who purchase loan applications from them?

Questions About the Loan:

  • What is the interest rate for the loan and how was it determined?
  • How can you be sure it is the best rate?
  • Will the rate change throughout the lifetime of the loan?
  • What is the worst case of a rate reset for an ARM loan?
  • Will your rate be locked? For how long? What is the fee associated with a rate lock?
  • What are the estimated closing costs?
  • Can they explain APR and what the APR is for the loan you want?
  • What will your monthly payments be?
  • What will you pay in points?
  • Will PMI (private mortgage insurance) be required?
  • Are there any prepayment penalties for this loan?
  • Who will you be working with after closing with a reverse mortgage?
  • Give them your timeline and ask if they can do this in time for closing.

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