Ask the Right Questions to Your Mortgage Lender as You Shop For Your Home Loan:
- What are the total points and origination fee for the interest rate you’ve quoted?
- Can I lock in the interest rate and points you’re quoting me over the telephone today?
- For how many days are the interest rate and points locked-in?
- Do you have a written agreement that locks in my interest rate and points? Fax me the Agreement.
- What are the exact charges that will show up on my settlement statement at closing that pertain to you and the investor? Fax me the detailed list of charges.
- Does your company make the loan approval or underwriting decision, or is my loan approval made by your investor?
- How many days will it take to obtain a formal loan approval?
- Does your company disburse its own funds at closing?
- How many full-time employees does your company have?
- Is your company a member of the Better Business Bureau?