Choosing a mortgage lender to finance your home purchase is an important decision. While many homebuyers choose to use a lender recommended by their agent, it doesn't mean that you will get the best rate or that the lender has experience with loans in your particular situation. The Consumer Finance Protection Bureau suggests that you speak to at least three lenders to help you compare loan options.

You'll need to compare Loan Estimates to determine which loan is best for you and your family. However, you should also interview the lenders you are considering to determine if they're a good fit to work with you. Are you unsure what questions to ask? This list contains questions that will help you during your interview process.

About the Lender

• Does your state license you?

• Which bank, broker, or finance company do you represent?

• What are your loan programs? Are you able to offer VA loans?

• What is the 30-year fixed-rate par rate?

• Are you able to estimate and explain the fees?

• Do you plan to keep the loan, or do you intend to sell it?

• What length of time have you worked as a mortgage professional.

• Are you familiar with similar situations?

Additional Questions For Lenders

• Do you know of anyone I can call for help?

• How do you keep my personal information safe?

• Do you sell my data?

Additional Questions For Mortgage Brokers:

• How can you make money?

• What amount will you pay for this loan?

• What are the top lenders who buy loan applications from brokers?

Information About The Loan:

• How did you determine the interest rate that you offer?

• How can I determine which rate is the best?

• What rate will change over the term of your loan?

• What is the worst-case scenario for an adjustable-rate mortgage?

• Are you locking my rate in? How long? How much does the lock cost?

• Can you give me an estimate of closing costs for my loan

• Could you please explain the annual percentage rate (APR) and how it applies to this loan?

• What are my points worth?

• What are my monthly payments

• What private mortgage insurance (PMI) do I have to pay?

• Is there a prepayment penalty for this loan?

• Who will I work with for a Reverse Mortgage?

• Here is my timeline. Is it possible to complete this task at the time required for closing?