Questions to ask a lender

Print this page or keep it open while you talk with at least two lenders about mortgage rates. The sections are ordered by how much the guides on Rate Lock Basics discuss each topic, and each one quotes the guide that covers it. Write each lender's answer in its column, then compare. Nothing here is collected or sent; the boxes are for pen and paper.

Questions from this site's guides

Question	Lender 1	Lender 2
When does my lock expire relative to my closing date?	Lender 1 answer	Lender 2 answer
What does an extension cost?	Lender 1 answer	Lender 2 answer
Is there a float-down option?	Lender 1 answer	Lender 2 answer
What could change my locked price?	Lender 1 answer	Lender 2 answer
Are all my documents ready before I lock?	Lender 1 answer	Lender 2 answer

From the checklist on this site.

Pricing questions

On this site: “Some lenders offer a float-down option that lets you capture a better market price once during the lock, sometimes for a fee.” From Mortgage Rate Locks Explained

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

On this site: “A new Loan Estimate is generally required within three business days of locking.” From Lock Timing for Purchases vs. Refinances

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

On this site: “A rate lock is a lender’s commitment to hold a specific interest rate and price for a set number of days while your loan is processed, as long as your application details do not change.” From Mortgage Rate Locks Explained

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?.

Loan features

On this site: “If the annual percentage rate becomes inaccurate beyond the allowed tolerance, the loan product changes, or a prepayment penalty is added, the Closing Disclosure must be reissued and a new three-business-day waiting period applies.” From When Closing Gets Delayed: Rights and Next Steps

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?.

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.

Before you choose

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.