How to Interview & Investigate a Mortgage Lender

Choosing the right mortgage lender is one of the most important decisions you’ll make as a homebuyer. It impacts your budget, your closing timeline, and your overall buying experience. While it may be tempting to go with the first offer or the lowest advertised rate, it’s worth taking time to compare lenders and ask the right questions. Here’s how to approach the process like a pro.

Start with Research
Begin by reading reviews on platforms like Google, Yelp, Zillow, and the Better Business Bureau. Your real estate agent can also provide trusted recommendations based on first-hand experience. Make sure the lender is licensed in your state, and check for any complaints or disciplinary actions on the NMLS Consumer Access website. It’s also a good idea to ask how long they’ve been in business and whether they regularly work with buyers in your situation—whether that means first-time homebuyers, veterans, or those purchasing manufactured homes.

Know the Questions to Ask
Once you’ve narrowed down your options, set up a conversation with each lender. This is your chance to get clarity on key topics. Ask what types of loan programs they offer—such as FHA, VA, USDA, or conventional—and which ones are best suited to your financial profile. Request a current interest rate and APR quote based on your credit, and find out how long the rate lock period is, whether there’s a fee, and what the estimated closing costs will be.

You should also ask about origination, underwriting, or other lender fees, and how long it typically takes them to approve and close a loan. Be sure to find out whether they will continue servicing your loan after closing or sell it to another provider. Finally, ask for a clear breakdown of your projected monthly payment—including principal, interest, taxes, insurance, and PMI (if applicable).

Get Your Documents Ready
To keep the process moving, gather the paperwork you’ll need. This usually includes the last two years of W-2s or tax returns, your most recent pay stubs, 2–3 months of bank statements, and a government-issued ID. A list of your current debts and obligations will also help the lender assess your eligibility and provide an accurate estimate.

Compare Loan Offers Side-by-Side
Once you’ve received Loan Estimates (LEs) from each lender, compare them line by line. Don’t just look at the interest rate—also review the monthly payment, closing costs, and whether there are any prepayment penalties. A slightly higher rate from a responsive, transparent lender may be worth more than a lower rate from someone hard to reach or unclear in communication.

Watch Out for Red Flags
Be cautious if a lender uses high-pressure tactics, avoids your questions, or glosses over fees. Rates that seem too good to be true without clear documentation usually are. Communication is key—slow replies or vague explanations can be warning signs, especially in a time-sensitive process like buying a home.

Final Tips for a Smooth Lending Experience
Remember, you’re the client. A good lender will earn your business by being responsive, transparent, and easy to understand. Don’t hesitate to ask questions or request clarification—this is your investment, and you deserve to feel confident every step of the way.

Need Lender Recommendations? I’m Here to Help.
At Partners Real Estate Brokerage LLC, we work with a trusted network of lenders who specialize in various loan types and are committed to serving our buyers with integrity and care. If you’re looking for a great starting point, let’s talk.

Veronica Zerpa, Broker
Partners Real Estate Brokerage LLC
📱 407.603.0088 | 📧 Veronica@JoinThePartners.com
Your partner in building a strong foundation for homeownership in Central Florida.