10 questions to ask a mortgage broker before you apply

1. Who will be responsible for my loan?

Ask for the name and NMLS number of the person advising you, the sponsoring company and the best way to reach the team. Write down who covers urgent questions when that person is away. A clear contact plan is useful long before you have a purchase contract.

2. What can I comfortably spend each month?

Choose a household spending limit before treating a qualifying amount as your target. Include the expenses that matter to you: childcare, commuting, savings and uneven income. Then ask for a financing scenario that fits that budget. Your personal comfort level can be lower than a lender’s maximum.

3. Which lenders and loan types will you compare?

Ask how the broker selects the lenders considered for your scenario, whether a particular property feature narrows the options, and what alternatives were left out. A broker does not represent every lender or guarantee the lowest price. You can also request a comparison from your bank.

4. Can you show me a zero-point option?

Request a written option without discount points alongside any lower-rate option that requires upfront payment. Ask which assumptions changed between the two. The question is whether paying more now fits the years you expect to keep this mortgage.

5. What cash will I need beyond the down payment?

Build a cash worksheet before touring at the top of your budget. For illustration, $40,000 toward the price plus $11,000 in other closing cash and a $9,000 personal reserve means planning for $60,000 in available funds before deposits and credits. These are invented planning inputs, not a fee estimate or program requirement.

6. What has actually been reviewed for my preapproval?

Ask which income, asset, credit and property items have been reviewed, what remains conditional, and whether an underwriter has reviewed the file. Keep the answer in writing. A conversation, prequalification and an underwritten review are not interchangeable descriptions.

7. Could this property change the financing?

Bring the listing early. A condo association, mixed use, an additional dwelling, repairs or unusual income assumptions may need separate review. For a Seattle condo, identify who will obtain association documents; for a home with an extra unit, ask which permit and income records are needed.

8. What is the realistic timeline?

Work backward from the proposed closing date. Ask when you must provide documents, when property review can begin, who follows up on outstanding conditions and what could change the date. Use a transaction-specific plan rather than relying on an advertised closing speed.

9. How will I compare competing estimates?

Put each offer into the same comparison sheet. A brief summary should help you identify questions, not replace the original written documents.

10. What happens after closing?

Ask who can answer a servicing question, how you will learn where payments go and when a future mortgage review would be useful. Save the final documents in your own secure records. You should be able to understand the next step without signing up for another loan.

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A few common questions