10 Questions to
Ask Your Mortgage Loan Officer
🔍 1. What types of loans do you offer, and which one is best for my situation? (FHA, Conventional, VA, USDA, etc.)
💵 2. What is the current interest rate and APR for the loan I qualify for? (Understand the full cost of borrowing, not just the rate.)
🧾 3. What will my estimated monthly payment be—including taxes, insurance, and HOA (if applicable)? (This gives you a realistic budget.)
💰 4. How much do I need for a down payment, and what are my options if I don’t have 20%? (Inquire about low down payment programs or assistance.)
📋 5. What are all the closing costs, and can you provide a Loan Estimate? (Get transparency on upfront expenses.)
⚖️ 6. Can you explain the difference between fixed-rate and adjustable-rate mortgages—and which do you recommend for me? (This helps you understand risk over time.)
📉 7. Is there a prepayment penalty if I pay off the loan early or refinance? (Important for flexibility down the road.)
📈 8. How long will it take to close, and what could delay the process? (Set expectations for timing.)
📑 9. What documents will I need to provide for approval? (Be ready and avoid delays.)
🧠 10. How will you communicate with me throughout the process? (Know what to expect—calls, emails, portal updates?)
MORTGAGE CALCULATOR
Mortgage values are calculated by Lofty and are for illustration purposes only, accuracy is not guaranteed.