How to use this list: you do not need all 30 questions. Pick the ones in the first three groups for your first call, and use the rest when you compare offers or get preapproved. Write the answers down, and ask for anything important in writing. Compare answers from at least two lenders.
Choosing a mortgage lender is one of the biggest financial decisions you will make, and the lender's answers are as important as the rate. These questions come from what the Consumer Financial Protection Bureau (CFPB) tells buyers to check, plus the practical questions that follow from each. For each one we say why it matters and what a good answer sounds like. If you are just starting out, read the first-time home buyer guide first.
The loan and the interest rate
Start here. These questions tell you what kind of loan you are being offered and how firm the rate is.
- Which types of loan do I qualify for, and which do you recommend for me, and why?
Why it matters: The CFPB suggests asking for Loan Estimates for both the loan you asked for and any different loan a loan officer suggests, so you can see the cost and risk of each.
A good answer: A clear reason tied to your situation, and a willingness to put both options in writing. - Is the rate fixed or adjustable? If adjustable, how high can it go and when can it change?
Why it matters: An adjustable rate can raise your payment later. The CFPB advises looking at the worst case if rates rise.
A good answer: The exact adjustment schedule and caps, and the payment at the highest possible rate. - Is this rate locked? For how long, and does the lock cost anything?
Why it matters: If your rate is not locked it can change at any time. Some lenders lock the rate when they issue the Loan Estimate and some do not.
A good answer: A written lock date and expiry, and what it costs to extend. - What happens to my rate if my closing is delayed past the lock?
Why it matters: The CFPB notes a locked rate can still change if you do not close within the lock period.
A good answer: A fee, a new rate or an extension policy explained in advance, not after a delay. - Does this loan have a prepayment penalty or a balloon payment?
Why it matters: These are listed under Loan Terms on page 1 of the Loan Estimate. If the loan has them, ask why, and ask for a version without.
A good answer: A plain "no" for a standard fixed-rate loan, or a clear explanation if yes. - What would my rate be with no points, and how much does each point lower it?
Why it matters: Points only pay off if you keep the loan long enough. You need both numbers to work out the break-even.
A good answer: Two or three rate and points combinations, in writing, at the same time.
Fees, credits and negotiating
Fees are where offers with the same rate can differ by thousands of dollars.
- Can you give me a Loan Estimate for the same loan with and without points?
Why it matters: It lets you compare a lower rate with points against a higher rate without, with the same lender.
A good answer: Yes, quickly. Then compare the two in our loan offer comparison calculator. - What are your total origination charges?
Why it matters: Section A of the Loan Estimate holds the lender's own fees, and the CFPB says to compare them between lenders.
A good answer: A single number that matches Section A, with each fee named. - Which fees are yours, and which go to third parties?
Why it matters: Your lender's fees can be compared and negotiated. Third-party costs such as title services may be ones you can shop for.
A good answer: A short list separating the lender's fees from the rest. - Do you offer a lender credit, and what rate would that mean?
Why it matters: A credit lowers your closing costs but usually comes with a higher rate. A "no closing cost" loan is not free, because you pay through the rate.
A good answer: The higher rate and the dollar credit, so you can compare it with paying the fees. - Which of my closing costs can still go up before closing?
Why it matters: Some costs cannot change, some can rise by up to 10%, and some can change by any amount.
A good answer: The same three groups: fees to the lender and transfer taxes fixed, recording and listed services capped, prepaid interest, insurance and escrow variable. - What will I pay before I get a Loan Estimate, and when do fees begin?
Why it matters: By law, the only fee a lender may charge before issuing a Loan Estimate is a small credit report fee.
A good answer: Only a credit report fee. If a lender asks for more to give you an estimate, the CFPB says that is against the law. - If another lender gives me a lower offer, will you match or beat it?
Why it matters: The CFPB says your best bargaining chip is usually having Loan Estimates from other lenders, and that lenders often match or beat them.
A good answer: A willingness to look at the other offer, or a clear explanation of why theirs is different. - What is my total cash to close, and what is in it besides the down payment?
Why it matters: Cash to close includes the down payment, closing costs, prepaids and escrow deposits, less credits and deposits already paid.
A good answer: A figure that matches page 2 of the Loan Estimate, with each part explained.
Down payment, mortgage insurance and assistance
What you put down changes your rate, your insurance and your monthly payment.
- What is the smallest down payment on this loan, and how do the rate and cost change at 5%, 10% and 20%?
Why it matters: A bigger down payment usually lowers the loan amount, the payment and the insurance, but ties up more of your cash.
A good answer: A side-by-side of two or three down payments. - Will I pay mortgage insurance? How much, and when can it be removed?
Why it matters: The CFPB notes mortgage insurance is required on all FHA loans. Conventional loans may let you cancel it once you reach 20% equity.
A good answer: The monthly amount, and the exact rule for ending it on this loan. - Do you offer any first-time buyer or low-down-payment programs I could qualify for?
Why it matters: Programs such as Fannie Mae's HomeReady allow as little as 3% down, with limits on income and a homeownership course for first-time buyers.
A good answer: The specific programs, their income limits and any course requirements. Also ask about programs from your state or local housing agency. - Can my down payment or closing costs come from a gift or an assistance program?
Why it matters: Some loans allow gifts, grants or down payment assistance, and each has rules and paperwork.
A good answer: Which sources are allowed for this loan and what documents you need to show.
Approval, documents and timing
These questions prevent surprises after you have made an offer.
- What documents do you need now, and what will you need later?
Why it matters: The CFPB says all lenders require documentation at some point, and it is better to learn about a needed document now than when you are about to close.
A good answer: A complete list, with what is needed for a preapproval and what comes later. See our mortgage documents checklist. - Is your preapproval based on information I told you, or on verified documents?
Why it matters: Lenders use "prequalification" and "preapproval" differently. Some base the letter on unverified information and some verify first, and a verified one is stronger.
A good answer: A clear answer about what has been verified. - What assumptions did you make, and could anything cause my loan to be denied later?
Why it matters: The CFPB suggests asking exactly this. A preapproval is based on assumptions and is not a guaranteed offer.
A good answer: Specific items, such as a job change, a new debt, the appraisal or missing documents. - How long is the preapproval valid?
Why it matters: The CFPB says a preapproval letter can have an expiry date, typically 30 to 60 days.
A good answer: The date, and what it takes to renew. - Will you check my credit now, and how does that affect my score?
Why it matters: Lenders typically check your credit for a preapproval. Multiple mortgage credit checks within a 45-day window count as one inquiry, according to the CFPB.
A good answer: Whether it is a hard or soft check, and confirmation that shopping within the window is safe. - How long do you usually take from contract to closing, and what causes delays?
Why it matters: Your purchase contract has a closing date, and switching lenders late can put it at risk.
A good answer: A realistic range, and how they keep to your contract date.
Your payment and the loan after closing
The lender you pick may deal with you for years, so ask about life after the closing table.
- Will taxes and insurance be escrowed, and what is my estimated total monthly payment?
Why it matters: The total payment includes escrow for taxes and insurance and any mortgage insurance, and it is what you must budget for each month.
A good answer: A total that matches page 1 of the Loan Estimate, and a list of anything you must pay yourself. - Will you keep my loan, or could it be sold or its servicing transferred?
Why it matters: The company you send payments to may change. Page 3 of the Loan Estimate has a section about this.
A good answer: A straight answer, and how you will be told about a transfer. - Can I make extra payments toward principal without a fee, and how do I make sure they are applied to principal?
Why it matters: Extra principal payments can cut interest and shorten the loan. Try it in our mortgage calculator.
A good answer: No penalty, and a clear way to mark a payment as extra principal. - What is the late payment charge and the grace period?
Why it matters: Page 3 of the Loan Estimate shows what a late payment would cost.
A good answer: The percentage or amount, and the number of days.
Working together
A great rate is less useful if you cannot reach anyone when a problem appears.
- Who will be my main contact, and how quickly can I expect an answer to a question?
Why it matters: A mortgage involves many documents and deadlines, and fast answers keep you on schedule.
A good answer: A named person, a response time, and how they reach you. - If my situation or the market changes before closing, what happens to my loan?
Why it matters: A new debt, a job change or a low appraisal can change your loan. The lender may have to issue a revised Loan Estimate.
A good answer: A clear description of what would trigger a change, and that you will be told in writing.
Warning signs to watch for
- A lender asks for anything more than a small credit report fee before giving you a Loan Estimate. The CFPB says that is against the law.
- What is on the Loan Estimate is very different from what the loan officer told you. It may be a simple mistake, or a sign to consider another lender.
- A loan officer pushes a different loan than the one you asked for and will not put both in writing.
- You are asked to sign a form with blank spaces. Never do.
- You are told the rate is locked but cannot see it in writing.
What to do with the answers
- Ask each lender for a Loan Estimate for the same kind of loan, on the same day if you can.
- Enter the rate, points, fees and credits into the loan offer comparison calculator.
- Ask the lender you prefer to match a better offer, and stay within the shopping window so your credit is not affected more than once.
- Keep the paperwork organized with the mortgage documents checklist and the homebuyer checklist.
Sources
Based on the Consumer Financial Protection Bureau's pages Get a preapproval letter, Request and review multiple Loan Estimates, Compare and negotiate your loan offers and What's the difference between a prequalification letter and a preapproval letter?, on the CFPB's FHA loans page, and on Fannie Mae's HomeReady page. Last reviewed September 2026. This is general information, not legal or financial advice.