The Process

• What are the most popular mortgage loans you make? Why?
• Which type of mortgage plan do you think would be best for us? Why?
• Are your rates, terms, fees, and closing costs negotiable?
• Will I have to buy private mortgage insurance? If so, how much will it cost and how long will it be required? NOTE: Private mortgage insurance is usually required if you make less than a 20-percent downpayment, but most lenders will let you discontinue the policy when you have acquired a certain amount of equity by paying down the loan.
• Who will service the loan? Your bank or another company?
• What escrow requirements do you have?
• How long is your loan lock-in period (the time that the quoted interest rate will be honored)? Will I be able to obtain a lower rate if they drop during this period?
• How long will the loan approval process take?
• How long will it take to close the loan?
• Are there any charges or penalties for prepaying the loan?

• W-2 forms or business tax return forms if you're self-employed for the last two or three years for every person signing the loan
• Copies of at least one pay stub for every person signing the loan
• Copies of two to four months of bank or credit union statements for both checking and savings accounts
• Copies of personal tax forms for the last two to three years
• Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, e.g., a boat, RV, or stocks or bonds not held in a brokerage account
• Copies of your most recent 401(k) or other retirement account statement
• Documentation to verify additional income, such as child support or a pension
• Account numbers of all your credit cards and the amounts of any outstanding balances
• Lender, loan number, and amount owed on other installment loans, such as student loans and car loans
• Addresses where you have lived for the last five to seven years, with names of landlords if appropriate