Resources and Community Information

Ten Questions to Ask Your Lender

  1. What are the most popular mortgage loans you make and why?
  2. Which type of mortgage programs do you think would work best for us and why?
  3. Are your rates, terms, fees and closing costs negotiable?
  4. Will I have to buy private mortgage insurance? If so, how much will it cost and how long will it be required?
    NOTE: Private mortgage insurance is usually required if you make less than a 20% down payment, but most lenders will let you discontinue the policy when you’ve acquired a certain amount of equity by paying down the loan.
  5. Who will service the loan, you or another company?
  6. What escrow requirements do you have?
  7. How long is your loan lock-in period (the time that the quoted interest rate will be honored)? Will I be able to obtain a lower rate if they drop during the period?
  8. How long will the loan approval process take?
  9. How long will it take to close the loan?
  10. Are there any charges or penalties for prepaying then loan?

Ten Things a Lender Needs From You

  1. W-2 forms, or business tax returns if self-employed, for the past two to three years for each person signing the loan.
  2. Copies of at least one pay stub for each person signing the loan.
  3. Copies of two to four months of bank or credit union statements for all checking and savings accounts.
  4. Copies of personal tax returns for the last two to three years.
  5. Copies of your most recent 401(k) or other retirement account statement. Copies of investment account statements for the past two to four months, as well as a list of any other major assets of value, e.g., boat, RV, or stocks/bonds not held in an investment account.
  6. Documentation to verify additional income, such as child support, alimony or pension.
  7. Account numbers of all of your credit cards and the amount of any outstanding balances.
  8. Lender, loan number, and amount owed on other installment loans such as car or student loans.
  9. Address of where you have lived for the past five to seven years, with the names of landlords (if applicable).
  10. Photo identification and Social Security Number.