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?