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5 Questions to Ask Your Mortgage Lender


Getting Pre-Approved

If you’re on the hunt for a new home, getting pre-approved is an important step. While you may have been pre-qualified from a lender earlier in the process, a pre-approval is more definitive and a bit more involved.⁣

Not only does it give you hard numbers to plug into your budget, but it also proves to a seller you’re serious and ready to buy.

While prospective lenders will have plenty of questions for you, don’t be afraid to find the right lender and loan by asking a host of questions all your own. ⁣Keep in mind that since a pre-approval is only valid for 30-90 days depending on the lender, you’ll want to wait to meet with lenders until you’re ready to seriously search for a home.

Pre-Qualified vs Pre-Approved | Jann C. Pitcher Real Estate

Questions to Ask Potential Lenders

What type of loan do you recommend for me? Why?

There’s no one type of mortgage loan that’s superior to another. Whichever one you choose, you need to know why it’s the best type for you and how it works.

Will my down payment vary based on the loan I choose?

If you’re tight on funds or don’t want to be cash poor, let your lender know. Loans vary in their down payment requirements.

What is the interest rate and the annual percentage rate (APR)?

Everyone talks about the interest rate, but the APR is just as important. It combines the interest rate with the fees a lender charges to originate your loan.

Can I lock-in an interest rate? If so, for how long?

Ask if you can lock in your rate for a set period of time.

What will my closing costs be? Are they a part of my loan, or will I pay them in cash at closing?

Remember, closing costs typically run 3-6% of your loan value so you need to know how they’ll be covered.


If you don’t understand something your lender says, stop and ask for clarification. This is your home buying journey, and you deserve to understand the process every step of the way.

Need lender recommendations? Give us a call! We’ll point you in the direction of some wonderful local lenders.