10 Questions You Should Ask Your Mortgage Lender Before Buying a Home

Choosing the right mortgage lender can make a big difference when you're buying a home. In this episode of Lending in the Pacific Northwest, Paul W. Thompson and Rebecca Cruz Bustamante break down the important questions buyers should ask their mortgage lender before getting under contract. They discuss why communication with your loan officer matters, how to research your lender and lending team, and why purchase-loan experience can be important. You'll also learn what to ask about licensing, rate locks, closing timelines, estimated closing costs, monthly payments, and cash-to-close. Paul and Rebecca also explain the differences between prequalification, preapproval, and fully underwritten preapproval, along with questions buyers may want to ask about a lender's purchase-loan experience and any financial relationships with real estate agents. The goal is simple: ask questions, understand your loan, and know what to expect before you make an offer. IN THIS VIDEO YOU'LL LEARN ● Why direct communication with your mortgage lender is important ● How to research a loan officer's experience and licensing ● When you may be able to lock in your mortgage interest rate ● How long a purchase loan may take to close ● What you should know about closing costs and cash needed to close ● How property taxes, homeowners insurance, and mortgage insurance affect your payment ● The difference between prequalification, preapproval, and fully underwritten preapproval ● Why purchase-loan experience is different from refinance experience ● Why buyers may ask about financial relationships between lenders and real estate agents ● Why understanding your numbers upfront can help prevent surprises QUESTIONS TO ASK YOUR MORTGAGE LENDER Paul and Rebecca cover key questions about lender experience, licensing, communication, rate locks, closing timelines, payments, closing costs, and preapproval types. PREQUALIFICATION VS. PREAPPROVAL Learn the differences between prequalification, preapproval, and fully underwritten preapproval—and why understanding your approval status matters before making an offer. UNDERSTANDING YOUR MORTGAGE PAYMENT Understand principal and interest, taxes, insurance, mortgage insurance, closing costs, and the cash needed to close. PURCHASE LOAN EXPERIENCE Find out why purchase-loan experience matters and what buyers can ask about a lender’s recent purchase transactions. LENDER & REAL ESTATE AGENT RELATIONSHIPS Learn why buyers may want to ask about financial or marketing relationships between their lender and real estate agent. CONTACT Rebecca Cruz Bustamante – NMLS #1692127 – Evergreen Home Loans – 971-533-1082 – recruz@evergreenhomeloans.com Paul W. Thompson – NMLS #404052 – Evergreen Home Loans – (503) 810-1119 – pwthompson@evergreenhomeloans.com ________________________________________ 00:00 Questions to Ask Your Mortgage Lender 01:23 Communication With Your Mortgage Lender 02:05 Research the Loan Officer, Not Just the Company 03:05 How Experienced Is Your Loan Officer? 04:04 When Can You Lock Your Interest Rate? 05:05 How Long Does It Take to Close? 05:40 Understanding Closing Costs & Monthly Payment 07:11 Prequalification vs. Preapproval 08:00 Fully Underwritten Preapproval 08:57 How Many Purchase Loans Did You Close? 09:40 Financial Relationship With Your Real Estate Agent 10:50 Ask Questions Until You Understand 11:12 Final Thoughts ______________________________________ #Mortgage #MortgageLender #MortgageTips #MortgageAdvice #HomeBuying #HomeLoans #MortgagePreApproval #MortgageUnderwriting #LoanOfficer #FirstTimeHomeBuyer #HomeFinancing #MortgageEducation #WashingtonMortgage #OregonMortgage #PacificNorthwest #HomeOwnership