What To Ask Your Mortgage Lender | Valley MLS

What To Ask Your Mortgage Lender

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Buying a house is one of the - if notthe - biggest financial commitments many people make in their lifetimes. Go into the process informed and ready by asking these 5 questions before you start your home search!


1. Which type of mortgage loan would you recommend for my situation? Loan terms rates, and products vary significantly from one company - and one client - to the next. 

2. What would be included in my mortgage payment?(homeowners insurance, property taxes, etc.)

3. How long will the loan approval process take and how long will it take to close the loan?

4. Who will service this loan - you or another bank? Are there penalties for prepaying this loan?

5. How long will the rate on this loan be in a lock-in period? Will I be able to obtain a lower rate if the market rate drops during this period?

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