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Ryan’s Mortgage Blog
There are several questions you should have answered before committing to use a mortgage lender. I found a top ten list of questions that pretty much summed it up, and I posted them below with a few revisions:

1 – What is my interest rate and term of the mortgage?
2 – What is my monthly payment? How much of it is principle/interest?
3 – What is my APR? The Annual Percentage Rate is the total annual cost of your mortgage with all fees and costs included.
4 – Am I paying any points?
5 – Where is my Good Faith Estimate? This estimate is a rough figure of the total cost of your loan. This will also have the fees the company charges.
6 – Is my interest rate fixed or adjustable? If adjustable, what are the terms?
7 – Can my quoted interest rate change by the time we close? Make sure they tell you if the rate is lock or floating.
8 – Do I live in an escrow or attorney closing state? California is an escrow state.
9 – What is the closing process with your company and the Title/Escrow company?
10 – Is there a prepayment penalty?

All of these questions should be easy to answer for the broker/lender. If they are having a problem answering them, this should be a red flag. These are also good questions to ask so it will be easy to compare companies if you are shopping around. If you have any questions regarding the list above, please feel free to ask me. My contact information is 805-540-0866 or

Written by Keith Byrd - Go to Keith's Website/Profile