Tips for Choosing a Mortgage Company or Lender

Questions to Ask

Questions to Ask Your Lender

When searching for a Mortgage Company or Lender to handle your new home purchase, it's important to learn more about how they handle their business and their success rate. Having a skilled lender on your side can help you navigate the toughest trenches if needed. 

Here are a few questions we recommend asking your potential lender: 

  • What percentage of your loans closed on time last year?

  • How long do I need for my appraisal contingency? Financing contingency?

  • What steps do you take (if any) to help me get my offer accepted?

  • Would you be my point of contact throughout the financing process? If no - what is your role? Who would be my point of contact throughout the financing process? How familiar is this person with the DC market?

  • How quickly can you generate an updated pre-approval letter once I am approved?

  • Can you submit my documents to underwriting for a decision prior to submitting an offer?

  • What is your relationship with the appraisers and underwriters that your company uses?

  • What is your availability to answer questions and respond to my needs during my purchase and transaction?

  • For the type of loan I am considering, do you think there is a lender who would be a better fit?

  • How will I be sending you documents throughout the process? Is it secure?

  • If considering a condo purchase - How many condos did you finance last year? 

    • Does your mortgage company have additional condo restrictions or overlays?

  • If considering using a down payment or grant assistance program - How many loans did you process for consumers who used this program in the last year?

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