West Michigan Homes & Real Estate for Sale

Choosing a Lender

QUESTIONS TO ASK

Loan terms, rates, and products can vary significantly from one company to the next. When shopping around, these
are a few things you should ask about.

General questions:
• What are the most popular mortgages you offer? Why are they so popular?
• Are your rates, terms, fees, and closing costs negotiable?
• Do you offer discounts for inspections, home ownership classes, or automatic payment set-up?
• Will I have to buy private mortgage insurance? If so, how much will it cost, and how long will it be required?
• What escrow requirements do you have?
• What kind of bill-pay options do you offer?

Loan-specific questions:
• What would be included in my mortgage payment (homeowners insurance, property taxes, etc.)?
• Which type of mortgage plan would you recommend for my situation?
• Who will service this loan ‒ your bank or another company?
• 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?
• How long will the loan approval process take?
• How long will it take to close the loan?
• Are there any charges or penalties for prepaying this loan?
• How much will I be paying total over the life of this loan?