What Questions Should You Ask Your Mortgage Lender to Get the Best Deal in 2025?
Most first-time buyers don't know what to ask their mortgage lender. They accept the first offer. They don't negotiate. They leave thousands on the table. This guide reveals the 25+ questions you MUST ask to get the best deal possible.
⚡ Quick Answer:
The 3 most critical questions are: (1) What is your APR? (2) Which fees can be negotiated? (3) Can you beat competing offers? These three questions alone can save you $10,000-$50,000 over 30 years.
The Reality:
Asking the right questions can save you $10,000-$50,000 over the life of your loan.
Most buyers never ask. Don't be one of them.
Section 1: Interest Rate & Pricing Questions
Your interest rate is THE most important factor. A 0.5% difference = $100/month on a $400K mortgage. According to the Federal Reserve, mortgage rates have averaged 6.72% in 2025, with significant variation based on credit profile and lender. Compare rates from multiple lenders before asking these questions.
1. What is your current interest rate for my loan profile?
Get the EXACT rate, not a range. Ask for it in writing.
2. What is the APR (Annual Percentage Rate)?
APR includes the interest rate PLUS all fees. This is the true cost of borrowing.
3. Can you lock in this rate? For how long?
Rate locks typically last 30-60 days. Longer locks may cost more.
4. What is your rate sheet for different credit scores?
Rates vary by credit score. See the full range to understand your position.
5. Can I buy down the rate with points?
Paying points upfront can lower your rate. Calculate the break-even point.
6. What is the difference between your best rate and your par rate?
Par rate = no points, no credits. Best rate = with points. Understand the trade-off.
Section 2: Fees & Closing Costs Questions
Closing costs average $3,000-$6,000. Many are negotiable. Get a detailed closing cost breakdown and ask these questions.
7. What are ALL your fees? (origination, processing, underwriting, etc.)
Get an itemized list. Many lenders hide fees in vague categories.
8. Which fees can be waived or reduced?
Origination fees, processing fees, and underwriting fees are often negotiable.
9. Will you pay for the appraisal or will I?
Appraisals cost $400-$600. Some lenders cover this; others don't.
10. What is your lender's title insurance rate?
Title insurance is often the same across lenders, but always ask.
11. Can you credit back some of my closing costs?
Lender credits can offset closing costs. It's a negotiation tool.
12. What is the total cost of the loan (interest + all fees)?
Ask for a 30-year total cost comparison between lenders.
Section 3: Timeline & Process Questions
Speed matters. A faster close can save you money on interest. Find lenders with fast closing timelines.
13. How long does the approval process take?
Typical: 3-5 days for pre-approval, 7-10 days for full approval.
14. Can you do a conditional approval in 24-48 hours?
Conditional approval = approved pending final documentation. Speeds up closing.
15. How long for the appraisal?
Standard: 7-10 days. Rush appraisals available for extra fee.
16. Can we close in less than 30 days?
Yes, if you have all documents ready. Ask about 15-21 day closings.
17. What documents do you need from me upfront?
Get the full list NOW. Don't wait until closing is delayed.
18. Who is my loan officer and what is their direct contact?
Build a relationship. Direct contact = faster responses.
Section 4: Loan Program & Flexibility Questions
19. What loan programs do you offer?
FHA, VA, USDA, Conventional, Jumbo, etc. Different programs = different rates.
20. Can I get a no-cost loan?
No-cost = lender pays closing costs. Usually means higher rate.
21. What is your prepayment penalty policy?
Most mortgages have NO prepayment penalty. Confirm this.
22. Can I make bi-weekly payments?
Bi-weekly payments = one extra payment per year = faster payoff.
23. What is your refinancing policy?
Will you refinance with you later? What are the terms?
24. Do you service the loan or sell it?
If sold, who will service it? This affects your experience.
Section 5: The Negotiation Question
25. Can you beat this offer?
Get quotes from 3-5 lenders. Show your best offer to others and ask them to beat it.
Real example: Lender A offers 6.0% + $3,500 fees. Lender B offers 6.1% + $2,000 fees. Which is better? (Lender B = lower total cost)
How to Use These Questions
Step 1: Get Pre-Approved (Ask Questions 1-6)
Understand your rate options before house hunting.
Step 2: Shop Multiple Lenders (Ask All 25 Questions)
Get quotes from at least 3 lenders. Compare apples-to-apples.
Step 3: Negotiate (Ask Question 25)
Use competing offers to negotiate better terms.
Step 4: Lock In Your Rate
Once you find the best deal, lock in immediately.
Ready to Get the Best Deal?
Compare quotes from multiple lenders and use these questions to negotiate the best terms.
Compare Lenders & Get Quotes →FAQ: Mortgage Lender Questions
Should I ask about the lender's reputation?
Yes! Check reviews on Google, Zillow, and the Better Business Bureau.
Can I negotiate the interest rate?
Yes! Rates are based on your profile, but lenders have flexibility. Shop around.
What if I get a better offer after locking in?
You can float down if rates drop. Ask about this option when locking.
How many lenders should I compare?
At least 3-5. Each quote takes 15-20 minutes. Worth the time to save $10K+.
Do multiple quotes hurt my credit?
No! Multiple mortgage inquiries in 14 days = 1 credit hit. Shop freely.
The Bottom Line
Asking the right questions can save you $10,000-$50,000 over the life of your mortgage. Most first-time buyers don't ask ANY questions. Don't be average.
Print this guide. Ask all 25 questions. Compare offers. Negotiate. Get the best deal possible.
Your future self will thank you. 🚀
Meet David
Refinance & Rate Specialist
David Rodriguez is a seasoned refinancing expert with over 10 years of experience in mortgage rate analysis and market trend forecasting. As a Certified Rate Lock Specialist, he has saved homeowners millions in interest payments through strategic refinancing timing. His expertise in Federal Reserve policy impact and mortgage-backed securities makes him a go-to expert for rate predictions and refinancing strategies.
EXPERTISE:
KEY ACHIEVEMENT:
Saved clients $50M+ in interest payments