Questions to ask while shopping for a mortgage

Lender Questionnaire

1.    the average number of days it takes for you to issue a firm loan approval?

       Are the rates you are quoting today good 30 days from now?

•2.    If we are locked-in and rates go up, what is your policy if our rate lock expires?

•3.    What are the total fees associated with our loan?

•o    What is the difference between points and an origination fee?

•4.    How will this loan affect my financial goals?

•o    How do I know what loan is best with regard to how long I'll be in the home?

•5.    Are you closing at least 100 loans a year and/or how long have you been in the business?

•6.    Can I be pre-approved prior to purchasing the property?

•7.    What is the APR on this program?

•8.    What percent of the loans you take close?

•9.    Can you provide the names of 5 past customers I can contact who have used your services?

Closing Statement: Even if you don't use me, I am interested in helping you get the best overall deal.