Lender Questions

Here is a list of question to ask a lender​​

• What will my interest rate be?

• What are all my closing costs fees?

• What down payment options are available?

• Can I buy down my rate?

  • How much does it cost?

  • How long would I need to live in the house to break even if I buy the rate down?

• Is there any prepayment penalties on these loan options?

• Can I re-amortize my loan if I make a large payment?

• What rate lock options are available?

  • Does it cost money?

• Do you have a rate float down option?

  • Does it cost money?

• How much is an appraisal?

  • When do I have to pay for it?

  • If I needed to expedite the appraisal, is that an option? What is the cost?

• What are all my options to get rid of PMI?

  • Do you have any options where I could pay it off upfront?

• Will my loan get sold?

• Am I going to get a bunch of phone calls from marketers once I apply for the loan?

• What is unique about your service?

• How responsive will you be if I need to contact you?

• Do you have any special loan programs I should be considering?

• Is there anything else I should know?