In the 17 years I have been originating loans, the basic questions that I believe borrowers should be asking prospective lenders has not changed much.

When you are prepared to ask the right questions, you will gain immediate respect from the lender.  When you gain respect from the lender, you are much more likely to receive all the information you need to make one of the biggest financial decisions in your life and you are much more likely to get the most competitive interest rate and closing costs.

Also, by listening to how the lenders respond to the questions, you can better determine if the loan officer knows his stuff.

Top 10 Questions to Ask a Lender When Purchasing or Refinancing

Can you provide me, in writing, what your rates and the associated closing costs are for a specific loan amount and for a specific lock in period?

 How quickly can you have me pre approved and is there a cost?

 What is the difference between my note rate and the Annual Percentage Rate?

 Do I have the option of paying my own taxes and insurance?

 Do you keep the loan or do you transfer it to another financial institution?

 Can you have the closing papers available 24 hours prior to closing?

 Should I pay points?

 What is the difference between fixed rate loans and adjustable rate loans?

 How could I minimize my cash out of pocket?

 Who will I be working with during the loan process and where are you located?