What Questions should I ask when Choosing a Mortgage Lender?

What terms do you recommend for my loan?
What percentage down? 15, 20 or 30 year term? Fixed or adjustable rate?
When will you be able to tell me the rate I qualify for?
Can I prepay all or in part with no fee?
Will there be a second loan? (If Yes, ask the same questions as above)
Will I have to pay PMI?
Why are you recommending this? What alternatives did you consider and dismiss?
How high can the rate could without disqualifying me for the loan?
Once I sign an agreement to buy a home, how long until I can get a commitment?
How long will the commitment be good for?
Can I “buy” the right not to escrow taxes and insurance?
Can I use money from my Roth IRA towards the purchase?
Do you charge anything to lock the rate?
What do I have to do to lock? Is email ok?
How long is a rate lock good for?
Can I opt to “float’ the rate down if rates decline after I lock?
Can I do that right before the closing, or is there a cut-off date?
If there are two of us, can we have just the one with better credit on the loan?
In that event, can we both own the house?
Will the non-borrowing party have to sign away ownership rights?
Do you provide the new Closing Disclosure and explain which charges can change?
Have you seen any appraisal issues lately? How have you handled them?
Do you come to the closing?

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