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Ten questions to ask a lender before choosing the team for your purchase

Eric's lender-selection video looks beyond an advertised rate to the people, process and explanations supporting a transaction. Ask these ten questions while also comparing equivalent Loan Estimates, so service promises and loan costs are both visible.

By Eric Hamilton · Published October 6, 2026

Originally uploaded December 26, 2024 · 11:41 · Watch on YouTube

Written companion added October 6, 2026. Adapted from Eric’s video captions with source checks; not a word for word transcript. The recording retains its original date.

Questions 1 and 2: Communication and technology

How will you coordinate with my real estate agent, and how will I receive updates? Which secure tools will I use to upload documents and see outstanding tasks? Ask for a specific process. A portal can make requests easier to track, but it does not explain who owns the next step.

Questions 3 and 4: Timing and responsibility

What is the expected turnaround for my next milestone, and what could delay it? Who is my main contact, and who covers when that person is unavailable? Request dates tied to your circumstances. Fast advertising does not guarantee that appraisal, title, documentation or other dependencies will be completed immediately.

Questions 5 and 6: Lock terms and the handoff after closing

What are the lock period, extension costs and policy if rates improve? Who should I contact after closing, and how will I learn who services the loan? Get the relevant terms in writing. A possible float-down feature should not be treated as automatic or free.

Questions 7 and 8: Local and personal experience

How do you estimate this property's taxes and evaluate assistance programs? What experience do you have with income or credit circumstances like mine? Eric highlights self-employment as one example. Ask what documents are required and which assumptions still need review rather than accepting a broad promise of approval.

Questions 9 and 10: Access and education

Which communication methods and hours can I rely on? How will you explain my choices before I commit? Request a comparison showing payment, cash to close, lender fees and meaningful tradeoffs. Clear answers help you assess the relationship; they do not replace examining the actual loan terms.

Should I choose the lowest advertised rate?

Compare the rate together with points, fees, credits, loan type and lock period. An advertisement may use assumptions that differ from your loan.

Can I compare service without ignoring price?

Yes. Ask the same process questions of each lender and compare Loan Estimates for equivalent financing. Both the cost and the ability to explain it matter.

Sources and scope

Adapted from the December 26, 2024 video. These are questions to evaluate any lender, not verified promises about current staffing, technology, turnaround or products.

  1. CFPB: Compare and negotiate loan offers Accessed October 6, 2026
  2. CFPB: Rate locks Accessed October 6, 2026
  3. CFPB: Prequalification and preapproval letters Accessed October 6, 2026

General education, not a loan quote, approval or an individual recommendation. Ask the appropriate professional about your situation.

KEEP LEARNING

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