Most people pick a mortgage lender the same way they pick a gas station: whoever shows the lowest number on the sign. The trouble is that the advertised rate is only one line on a three-page Loan Estimate, and it says nothing about whether the lender can get your loan closed by the date in your purchase contract.
These are the ten questions we would ask if we were on your side of the table. Ask them of every lender you talk to, including us.
1. Which loan programs do you offer?
A lender can only offer you what it has access to. Some lenders only do conventional loans. Others add FHA and VA but not USDA, construction, renovation, or portfolio loans.
Ask for the full list, then ask which two or three they would put you in and why. If every lender you talk to recommends the same loan, that is a good sign. If one recommends something very different, ask what they see that the others don't.
2. Are you approved for Utah down payment assistance programs?
This is the question most buyers forget, and in Utah it can be worth more than any rate difference. Programs like Davis County homeownership assistance, At Home in Layton, Own in Ogden, Utah Housing Corporation loans, and the FHLB HELP grant each have their own list of approved lenders and their own paperwork.
Ask which programs the lender has closed in the last year, not just which ones they are allowed to use. Ask if they can combine more than one program on the same purchase.
3. What will my Loan Estimate show for lender fees?
Every lender has to give you a Loan Estimate within three business days of your application. Section A, "Origination Charges," is the part the lender controls: application, underwriting, processing, and any discount points.
Ask for a Loan Estimate at "par," meaning no discount points, so you can compare lenders on equal footing. We walk through the rest of the form in how to compare two Loan Estimates line by line.
4. Is this rate quote based on my actual credit and scenario?
A rate pulled from an ad or a website assumes a high credit score, a large down payment, and a single-family home. Your rate depends on your score, the loan type, the property type, how long you lock, and more.
Ask the lender to price your actual scenario and tell you the date and time of the quote. Rates change daily, so quotes from different days don't compare.
5. How long can I lock my rate, and what does it cost to extend?
Most rate locks run 30, 45, or 60 days. New construction or a long escrow may need more.
Ask what happens if closing slips: Is there a fee to extend the lock, and how much? Is there a float-down option if rates drop after you lock?
6. Who will I actually talk to?
Some lenders hand you off from a loan officer to a processor to a call center. Others keep the same small team from application to closing.
Ask who your point of contact is after you apply, how to reach them, and how quickly they usually respond. Ask whether they answer calls and texts in the evening, because that is when buyers usually have questions.
7. Where are underwriting and processing done?
When underwriting is in-house, a lender can often clear conditions faster and give you straighter answers about what is holding up your file. When it is outsourced, questions can take longer to resolve.
8. How do you handle appraisals in my area?
An appraisal that comes in late or low can delay or derail a purchase. Ask how the lender orders appraisals, how long they are taking right now in your county, and what the lender does if the value comes in below the contract price.
9. What do your past clients say?
Read recent reviews on Google and Zillow, and look for patterns rather than single complaints. Did the loan close on time? Were there surprises at the closing table? Did the lender explain things clearly?
10. Can you close by my contract date?
Give each lender your target closing date and ask, honestly, whether they can make it. A lender who tells you the truth about a tight timeline is more useful than one who says yes to everything.
A quick way to keep score
Make a simple table with one column per lender and these rows:
- Programs offered, including down payment assistance
- Interest rate and APR, priced at par on the same day
- Lender fees from Section A
- Cash to close
- Lock length and extension cost
- Your point of contact and how fast they responded
- Review rating and recent review themes
The lender that wins most rows is usually the right call, even if it isn't the one with the lowest advertised rate.
Talk it through with us
We are a local team in Clearfield, near Hill Air Force Base, and we're glad to be one of the lenders you compare. Book a free call and we will price your actual scenario, tell you which Utah down payment programs you may qualify for, and give you a Loan Estimate you can hold up against anyone else's.