15 Questions To Ask When Choosing Your Mortgage Lender


Shopping for a mortgage lender can be intimidating.  It’s not like this is something most of us do regularly, right?  It will pay to ask the following questions before you decide on a mortgage lender.  If the answers aren’t to your liking, or you still have questions, continue shopping until you find  mortgage lender with whom you feel confident will have your best interests in mind.

You will also be asked a series of questions.  Share all of your personal information, including giving the lender permission to run your credit report. The better your lender knows you, the better counsel and assistance you will receive.


  1. What are the most popular morgages you offer?  Why are they so popular?
  2. What fees are included in a loan; and what fees will be due at closing?
  3. Are your rates, terms, fees and closing costs negotiable?
  4. Do you offer discounts for inspections, homeownership classes or setting up automatic payments?
  5. Will I have to buy private mortgage insurance (PMI)?  If so, how much will it cost and how long will it be required?
  6. What are your escrow requirements.
  7. What bill-pay options do you offer?
  8. What would be included in my mortgage payment (homeowners insurance, property taxes, etc.)?
  9. Which type of mortgage woud you recommend for my situation?
  10. Who will service this loan–your bank or another company?
  11. How long will the rate on this loan be locked in?  Will I be able to obtain a lower rate if the market rate drops during the lock-in period?
  12. How long will the loan approval process take?
  13. How long will it take to close the loan?
  14. Are there any charges or penalties for prepaying this loan?
  15. How much in total will I be paying over the life of this loan?


Sources:  National Association of Realtors, downpaymentresource.com

Crystal Coovert is a Florida-licensed Realtor® at Michael Saunders and Company in Punta Gorda, Florida. Crystal is a member of the Punta Gorda/Port Charlotte/North Port Realtors® Association, Florida Association of Realtors®, National Association of Realtors® and is a Certified Inter- national Property Specialist (CIPS), a designation achieved by only a small percentage of Realtors® worldwide, as well as a Seniors Real Estate Specialist (SRES).

Crystal can be reached by phone or text at (813) 299-2417 or by email at CrystalCoovert@MichaelSaunders.com.

Want to learn what your home is worth?
or visit MyPGHomeValue.com.

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