Lenders interviewCompare several lenders before committing to one. This work sheet provides you with key questions to ask potential lenders. Make a copy for each lender. Contact information Lender: Phone: Address: Web site: Contact name: Status of application: Questions to ask1. What is the interest rate? 2. What are the closing costs? 3. How many points will I have to pay? 4. What are the qualifying guidelines for this loan? 5. What documents do I have to provide? 6. How long will it take to process my application? 7. What might delay the approval of my loan? 8. What index will the interest rate be based on? 9. Will the interest rate change be fixed or adjustable? 10. Where can I lock in the interest rate and what will it cost me? 11. Is there a prepayment penalty? 12. Will I need to escrow insurance and taxes? View worksheet archive<< previous | next >> advertisementRelated Links:Video: How to shop for a car loanWill new rules delay home loan closings?The ins and outs of reverse mortgagesRelated Articles:Shop auto ratesGet the best bank loanHazardous loans
Lenders interview
Questions to ask
1. What is the interest rate? 2. What are the closing costs? 3. How many points will I have to pay? 4. What are the qualifying guidelines for this loan? 5. What documents do I have to provide? 6. How long will it take to process my application? 7. What might delay the approval of my loan? 8. What index will the interest rate be based on? 9. Will the interest rate change be fixed or adjustable? 10. Where can I lock in the interest rate and what will it cost me? 11. Is there a prepayment penalty? 12. Will I need to escrow insurance and taxes?