By OfferPrep Editorial · Last reviewed October 24, 2026 · 2 min read
The How Lending Works series
Ask each lender the same questions, and write the answers down. OfferPrep doesn't recommend lenders; this list helps you compare the ones you choose.
Before you apply
- Which loan types would you consider for a scenario like mine, and why?
- What do you need from me for preapproval?
- Is your letter a prequalification or a preapproval, and what is it based on?
- Are you a direct lender or a broker?
- What's your license number? (Check it at nmlsconsumeraccess.org.)
About cost
- Can you send a Loan Estimate so I can compare on the same form?
- What are your origination charges in Section A?
- Does this pricing include points, or lender credits?
- What mortgage insurance or program fees apply, and can they be removed later?
- Which third-party services can I shop for?
About the rate lock
- When can I lock, and for how long?
- What does an extension cost, and who pays if the delay is yours?
- Is there a float-down option?
About the process
- Who is my day-to-day contact, and how fast do you usually reply?
- Is underwriting done in-house?
- How long do your closings typically take for this loan type?
- What are the most common conditions you see, so I can prepare?
About after closing
- Will you service my loan, or is it likely to be transferred?
- Will I have an escrow account for taxes and insurance?
- Is there a prepayment penalty?
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Back to the start: How Lending Works.
Sources
Figures on this page were checked against the official sources below on October 24, 2026. Programs and limits change; confirm current figures with the source or a licensed lender before you rely on them.