Buying a home is a big step, and if you’re a first-time homebuyer, it’s natural to have questions. Knowing what to ask your lender can make all the difference in getting the right mortgage for your needs. The more informed you are, the smoother your homebuying journey will be.
Here are some of the most important questions to ask your lender before you get a mortgage.
What Mortgage Options Do I Qualify For?
Your loan options will depend on factors like your credit score, income, and down payment. At PrimeLending, we offer over 400 mortgage loan programs, including:
- FHA Loans – Low down payment (as little as 3.5%), flexible credit requirements, and lower closing costs.
- USDA Loans – No down payment required, low interest rates, and affordable mortgage insurance for eligible rural and suburban homebuyers.
- VA Loans – Exclusive benefits for eligible military members and spouses, including no down payment1 and no private mortgage insurance (PMI).2
- Down Payment Assistance Programs3 – Some first-time buyers may qualify for funds that don’t have to be repaid to help cover down payments and closing costs.
Not sure which loan is right for you? A PrimeLending loan officer can walk you through your options.
Talk to a Mortgage Expert Today.
What Fees Will I Need to Pay?
Many homebuyers focus on their down payment but forget about closing costs, which typically range from 2% to 5% of the home’s price. Common costs include:
- Appraisal and inspection fees
- Origination and underwriting fees
- Title insurance
- Property taxes and homeowner’s insurance
- Private mortgage insurance (if required)
Your PrimeLending loan officer will provide a detailed loan estimate so you know exactly what to expect.
How Does My Credit Score Affect My Loan?
Your credit score influences the interest rate you receive, the loan programs you qualify for, and even your required down payment. Credit scores are based on:
- Payment history (35%) – Paying bills on time boosts your score.
- Amounts owed (30%) – High credit balances can lower your score.
- Length of credit history (15%) – A longer credit history helps.
- New credit inquiries (10%) – Too many recent applications can hurt your score.
- Types of credit (10%) – A mix of credit types (loans, credit cards) is beneficial.
Want to improve your credit before applying? Paying down debt and making on-time payments can help raise your score.
How Long Will It Take to Get Approved?
On average, mortgages close in about 30 days, but factors like loan type, documentation, and credit approval can affect your timeline. If you’re on a tight deadline, let your PrimeLending loan officer know early—we may be able to speed up the process.⁴
To move things along faster, get qualified⁵ and gather financial documents ahead of time.
Can I Apply for a Mortgage Online?
Yes! PrimeLending offers a fully digital application process for a secure and simple experience. You can:
- Upload financial documents directly
- Connect bank accounts securely
- Snap photos of documents with your phone
- Sign most forms electronically before closing⁶
We make it easy, but we’re always available if you prefer one-on-one support from a local mortgage expert.
Asking the right questions now can save you time, money, and stress later. Whether you’re still exploring your options or ready to apply, PrimeLending is here to help. Contact a PrimeLending loan officer today and take the next step toward homeownership with confidence.
¹ Down payment waiver is based on VA eligibility.
² There is an upfront funding fee that takes the place of mortgage insurance.
³ Certain restrictions apply, subject to down payment assistance program guidelines. Not available in all areas. Please contact your PrimeLending loan officer for more details.⁴ Closing and processing times are dependent on many factors, including receiving timely documentation from the borrower, your experience will vary.
⁵ All loans subject to credit approval. A qualification is not an approval of credit and does not signify that underwriting requirements have been met. Conditions and restrictions may apply.
⁶ eClose allows for electronic signing of most (not all) documents prior to closing.
