Ask these 4 questions — written by Realtors — when choosing a mortgage lender

When choosing a mortgage lender, consider four key questions. First, inquire about any special programs they offer based on your profession, income, or location. These programs can make the mortgage more affordable. Next, ask about closing cost or down payment assistance, especially if you're a first-time or low-income homebuyer.

A lender's expertise in handling unusual financial situations is crucial. If you require an unusual loan, finding the right lender could mean the difference between being approved or denied. Lastly, while the mortgage rate is important, it's not the only factor. Pay attention to other costs like application fees, origination fees, and closing costs.

Sometimes, a loan with a lower advertised rate may end up being more expensive when all costs are considered. Always compare lenders' mortgage loan estimates, which include the rate, estimated monthly payment, closing costs, prepaid interest, and escrow expenses. Opt for a lender known for good communication, as delays or poor performance can lead to significant costs and lost negotiating leverage.