Questions to ask a lender (rates, fees, lock policy & timelines)
Use this simple script to compare quotes apples-to-apples: confirm the rate, points/credits, fees, lock terms, turn times, appraisal timelines, and how fast they re-issue pre-approval letters for offers.
The script (copy & paste)
“I’m buying a primary residence for about $___ with ___% down. 30-year fixed. Estimated credit score ___, ZIP _____, target closing date ___. With today’s pricing, what is:
- Your rate with 0 points? And with ___ points?
- Any lender credits at par rate?
- Your lender fees (underwriting, processing, origination)?
- Rate lock options (30/45/60 days) and extension cost?
- Typical turn times for underwriting, appraisal order/turn, and CTC?
- How fast can you re-issue pre-approval letters for offers?
Ask all lenders the same inputs on the same day. Then compare with our sheet below.
Pricing: rate, points & credits
- Rate vs points: Points are prepaid interest; check breakeven before buying them.
- Lender credits: Higher rate can fund a credit to offset closing costs; compare total cost over the expected time in the home.
- APR: Reflects rate + certain fees; still confirm the actual cash costs.
Fees & cash to close
Ask specifically about
- Lender fees: underwriting, processing, origination
- Third-party: appraisal, credit report, flood cert
- Title/escrow: title insurance, settlement, recording
- Prepaids/escrows: taxes, insurance, interest
Confirm if they require impound/escrow accounts and if waiving impounds changes pricing.
Rate locks & extensions
- What lock lengths are available (30/45/60+)?
- What happens if we run out of time—extension costs or free float-down?
- Do you offer a lock & shop before you’re under contract?
Deep dive: When to lock your rate.
Turn times & appraisal timelines
- Initial underwrite to conditional approval: __ days
- Appraisal order to report delivered: __ days
- Clear to close after conditions submitted: __ days
If you’re writing offers soon, ask how fast they can issue a customized letter for your price/terms.
Service & pre-approval letters
- Do you have a weekend contact for offers?
- Can you call the listing agent to confirm strength if needed?
- How quickly will you re-issue my letter when I find a home?
Compare quotes fairly
- Collect Loan Estimates from each lender on the same day.
- Match assumptions (program, lock length, points/credits).
- Use our LE comparison sheet to line items up.
- Pressure-test monthly in the Payment Calculator.
Tip: If one quote is better, share it (politely) and ask if the others can match—no need to burn bridges.
Next steps
Disclaimer: Educational info, not financial or legal advice. Lender policies, pricing, and timelines vary by market and investor.