Be sure you find a loan that fits your needs with these comprehensive questions.

• What are the most popular mortgage loans you offer?
  
  
• Which type of mortgage plan do you think would be best for us? Why?
  
  
• Are your rates, terms, fees, and closing costs negotiable?
  
  
• 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 usually is required if you make less than a 20 percent downpayment, but most lenders will let you discontinue the policy when you’ve acquired a certain amount of equity by paying down the loan.
  
  
• Who will service the loan? Your bank or another company?
  
  
• What escrow requirements do you have?
  
  
• 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 this period?
  
  
• How long will the loan approval process take?
  
  
• How long will it take to close the loan?
  
  
• Are there any charges or penalties for prepaying the loan?