Print this page or keep it open while you talk with at least two lenders about mortgage rates. It goes with the 5 guides on The Mortgage Process. Sections are ordered by how often those guides discuss each topic, and each one quotes what the guides say about it. Write each lender's answer in its column, then compare. Nothing here is collected or sent; the boxes are for pen and paper.
Read before you call
One point from each guide on this site, so you can follow what each lender tells you.
- “Pre-approval involves a credit check and review of income and asset documents, and carries more weight with sellers.” From The Mortgage Process, Step by Step
- “Criminals send fake wiring instructions that appear to come from your title company or agent.” From Mortgage Fraud and Scam Prevention
- “Underwriters review credit reports for payment history, balances and recent inquiries, and confirm scores meet program rules.” From What Underwriters Look For
- “When all conditions are met, the underwriter issues clear to close.” From From Clear to Close to Keys: The Last Week
- “Expect to provide a government-issued photo ID and your current address history.” From The Mortgage Document Checklist
Questions from this site's guides
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Have I confirmed wiring instructions by phone? | Lender 1 answer | Lender 2 answer |
| Am I sending documents through a secure portal? | Lender 1 answer | Lender 2 answer |
| Is anyone asking for upfront fees? | Lender 1 answer | Lender 2 answer |
| Is the company licensed on NMLS? | Lender 1 answer | Lender 2 answer |
| Do I know how to report fraud quickly? | Lender 1 answer | Lender 2 answer |
From the checklist on this site.
Pricing questions
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Which details of my file is this quote based on: credit, loan-to-value, loan amount, property type and occupancy? | Lender 1 answer | Lender 2 answer |
| Can you issue the Loan Estimate on the same day as the other lenders I am comparing? | Lender 1 answer | Lender 2 answer |
| Which items on this quote could still change before closing? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Loan Estimate explainer.
Your Loan Estimate
What the guides on this site say:
- “Once you apply for a specific property or refinance, the lender issues a Loan Estimate within three business days.” From The Mortgage Process, Step by Step
- “Be wary of anyone who asks for upfront fees to save your home or asks you to sign over your deed.” From Mortgage Fraud and Scam Prevention
- “Assets for the down payment, closing costs and reserves must be documented with statements.” From What Underwriters Look For
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Can you send me an official Loan Estimate for this exact scenario? | Lender 1 answer | Lender 2 answer |
| Which fees in the Loan Costs section are your own charges, and which are third-party charges? | Lender 1 answer | Lender 2 answer |
| Which services on the Loan Estimate can I shop for myself? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Loan Estimate explainer.
Rate lock
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Is my interest rate locked yet? If so, on what date does the lock expire? | Lender 1 answer | Lender 2 answer |
| What happens if closing is delayed past the lock date, and is there a cost to extend it? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: What's a rate lock?.
Points and lender credits
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Does this quote include discount points or lender credits? | Lender 1 answer | Lender 2 answer |
| What would the same quote look like with no points and no credits? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Discount points and lender credits.
Loan features
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Does this loan have a prepayment penalty? | Lender 1 answer | Lender 2 answer |
| Can the interest rate or monthly payment change after closing? If so, when and how? | Lender 1 answer | Lender 2 answer |
| Will I have an escrow account for property taxes and insurance? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: What is a prepayment penalty?.
Before you choose
What the guides on this site say:
- “Be wary of anyone who asks for payment before helping with a loan modification or foreclosure relief, tells you to stop talking to your servicer, or asks you to sign over your deed.” From Mortgage Fraud and Scam Prevention
- “Watch for the first payment due date and welcome letter from your servicer, and set up payments only through official channels.” From From Clear to Close to Keys: The Last Week
| Question | Lender 1 | Lender 2 |
|---|---|---|
| What are your individual and company NMLS IDs, so I can look them up? | Lender 1 answer | Lender 2 answer |
| Who will service the loan after closing? | Lender 1 answer | Lender 2 answer |
Questions based on NMLS Consumer Access.
This worksheet is general education. It does not ask for or store any personal information, and it is not an offer or a pre-approval. Compare written Loan Estimates, and verify every lender on NMLS Consumer Access.
Sources
- CFPB: Loan Estimate explainer
- CFPB: What's a rate lock?
- CFPB: Discount points and lender credits
- CFPB: What is a prepayment penalty?
- NMLS Consumer Access