3 Questions to Ask a Mortgage Loan Officer

When dealing with a mortgage loan officer, there are many different questions that you might want to ask. Here are some of the most important questions to ask a mortgage loan officer.

1. What Are the Closing Costs?

Most mortgage loan officers are quick to tell you the interest rate on the loan that they are offering. However, many times you will have to ask them to see a detailed breakdown of the closing costs. You want to ask them how much the lender is going to charge you in the form of closing costs as this can really add to the total cost of the loan.

2. Which Lenders Do You Use?

You also want to ask them which lenders they use. You want to know who they are possibly going to pass your mortgage onto in the secondary market.

3. How Much Will You Make on My Loan?

You should also ask the mortgage loan officer how much money they are going to make on your particular loan. Although you do want them to be fairly compensated, you do not want to work with someone that is going to make a huge amount of money off of your transaction. This money is coming out of your pocket and you want to save as much as possible.

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