Questions to Ask Your Lender

When you’re choosing a lender, you’ll want to keep a few questions in mind to help find the right one.

Couple discusses mortgages with lender.

It’s important to find a lender you trust and one who makes you feel confident in the homebuying process. UW Credit Union is proud to have a dedicated mortgage team to help guide you every step of the way.

Take notes when you speak to your lender and ask follow-up questions if you still don’t understand something. Remember, this is one of the biggest purchases you’ll ever make, so every question matters!

What type of mortgage is right for me?
There are many mortgage options out there. You’ll want to evaluate your lifestyle, needs and future plans to help you find the right loan. Your lender can walk you through the range of mortgage products and explain how each would work for your situation.

What’s the interest rate?
Your interest rate will affect how much your monthly mortgage payment is. An important factor in establishing your interest rate is deciding between a fixed and adjustable rate. A fixed rate provides steady payments for the life of the loan while an adjustable rate is often a lower upfront option. Both rate types offer pros and cons, and your lender can explain how they work.

What will my monthly mortgage payments be?
Your lender should be able to give you an estimated monthly payment including costs like taxes and insurance to ensure you’re choosing a mortgage that works for your budget.

What are the fees?
Usually there are some fees you’ll need to pay before closing on your mortgage. It’s important to talk to your lender about what fees to expect and about optional steps that may incur fees, such as getting a home inspection.

What can I expect during the process?
The mortgage process can take time, so you’ll want to discuss timelines with your lender and work together to determine solutions that fit your needs. Ask how you’ll be kept informed of updates and how you’ll be sent important paperwork and other information.

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