Interview Questions to Ask a Lender
As you start to think about buying a home and you plan to finance your home purchase with a loan, the first thing I ALWAYS recommend is speaking with a lender. A lender will work with you to review and examine the state of your finances to help establish how much you can borrow, how much you can afford for a monthly payment and generally support you in selecting the best loan products for your situation. By definition a lender is…
“A person or organization that makes a loan. That is, a lender gives money to a borrower with the expectation of repayment in a timely manner, almost always with interest.”
When looking for a new lender to work with, start by asking your realtor, friends, or family for lender recommendations. It’s worth speaking to two or three lenders to get a feel for how they communicate. Ask a lot of questions and see how they respond and if they will patiently answer. Loans can be complex and it helps if your lender can thoroughly explain each step of financing in a way that makes sense to you.
Here are a few questions you can ask a lender to get a feel for their working style and if they’ll be a good fit for your situation. The following questions are just examples and it’s not critical that you know the answer to every question to move forward.
Experience & Approach
How long have you been in the mortgage industry?
What sets you apart from other lenders?
How do you typically guide homebuyers through the loan process?
Communication & Availability
What’s your preferred method of communication—phone, email, text?
How quickly do you respond to questions or concerns?
Are you available on evenings or weekends if something urgent comes up?
Transparency & Fees
Can you provide a clear breakdown of your fees and any potential hidden costs?
Do you get compensated based on the loan type or rate you offer me?
Will you walk me through my Loan Estimate so I fully understand the costs?
Problem-Solving & Support
What happens if unexpected issues come up during underwriting? How do you handle them?
Have you worked with buyers in my financial situation before?
Do you have any recent clients who would be willing to share their experience working with you?
Overall Fit
How do you ensure a stress-free mortgage process for your clients?
What do you expect from me to make this a smooth transaction?
Why should I choose you as my lender over someone else?
I hope this list gives you a strong starting point. Let me know if you have any additional questions—good luck!
After researching the best questions to ask a lender, I put together this list with insights from various sources, including AI-powered tools like ChatGPT.
