Questions to Ask a Mortgage Lender Before You Choose One in San Diego

by Trevor Landress

The best questions to ask a mortgage lender are the ones that make different offers easy to compare: what the interest rate and fees are, whether points are included, how long the rate is locked and what the lender needs from you to close on time. Choosing a lender is as important as choosing the home, and in San Diego a small difference in a loan can add up to thousands of dollars.

The short answer

Shop more than one lender and ask each of them the same questions.
Within three business days of your application, a lender must give you a Loan Estimate, a standard form made for comparing offers.
A Closing Disclosure must reach you at least three business days before closing, so you can compare it with your estimate.
Ask for the same number of points or credits from every lender, or the comparison will not be fair.

Why shopping around is worth the time

A mortgage is probably the largest bill you will ever sign up for, and lenders do not all charge the same. The federal Consumer Financial Protection Bureau lays out the home buying process in four steps: prepare to shop, explore your loan choices, choose a loan offer and get ready to close. The middle two steps are where comparing lenders happens, and it takes a few phone calls. If you have not yet gotten a letter, start with how mortgage preapproval works.

The forms that make comparing easier

Two standard forms are your best tools. The Loan Estimate is the form a lender gives you after you apply, and federal rules require it within three business days of your application. Because every lender uses the same layout, you can line the pages up side by side and compare the rate, the monthly payment and the closing costs.

The Closing Disclosure comes later. It must reach you at least three business days before closing, and it shows your final numbers. Read it next to your Loan Estimate and ask your lender about anything that moved.

Form	When you get it	What to do with it
Loan Estimate	Within three business days of applying	Compare it across lenders and keep it to check later.
Closing Disclosure	At least three business days before closing	Compare it with your Loan Estimate and ask about differences.

Questions about the rate and the loan

What loan types do you offer, and which one fits my situation?
What is the interest rate, and what is the annual percentage rate, or APR?
Is that rate with points, without points or with a credit? (I explain this in my guide to discount points and rate buydowns.)
Is my rate locked? If so, for how long, and what does it cost to extend the lock?
Is there a prepayment penalty?

Questions about fees and cash to close

What are your lender fees, and which ones can change before closing?
How much cash will I need at closing, including prepaid items and reserves?
Can the seller or a credit cover some of my closing costs, and does your loan type allow it?
Will my payment include taxes and insurance in an escrow account, and what is the estimated total?

Closing costs are one of the most common surprises for first-time buyers. My guide to closing costs for home buyers in San Diego explains the pieces so these answers make sense.

Questions about the process

Who will be my main contact, and how fast do you return calls and emails?
What documents do you need from me, and by when?
How long does your process usually take from application to closing?
Do you handle the appraisal order, and what happens if the appraisal comes in low?
If my loan is above the local conforming limit, how do you handle it? (See how jumbo loans work in San Diego.)

Protect yourself near closing

The CFPB warns that scammers target homebuyers in the days before closing, often by sending fake emails with new wiring instructions. Before you send money, call your escrow officer at a phone number you already have, and confirm the instructions by voice. Ask your lender how they will communicate with you so you know what a real message looks like.

What this guide cannot promise

A lender's answers apply to your situation on the day you ask, and rates, programs and fees can change. A lender who answers clearly and puts the numbers in writing is a good sign, but only your Loan Estimate and Closing Disclosure show the actual terms.

Where to get free help

If you are still unsure after talking to lenders, the CFPB points buyers to HUD-certified housing counselors, who can review your options. You can find one on the CFPB's site, linked below.

My advice for San Diego buyers

Talk to at least two or three lenders and ask each one the same questions.
Ask for the same amount of points or credits so the offers are comparable.
Save every Loan Estimate and compare it with your Closing Disclosure.
Get timelines in writing so they match your contract dates.
Verify wiring instructions by phone before you send any money.

A note on advice

I am a REALTOR®, not a lender, attorney, tax professional or financial advisor, so this guide is general information. Your lender can tell you what you qualify for, and a CPA or attorney can answer tax and legal questions.

Call or text me at (619) 402-4614 or send me a message.

Call or text (619) 402-4614 Contact Trevor Landress

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Frequently asked questions

What should I ask a mortgage lender first?

Start with the rate, the APR, the fees and whether points are included, and then ask about timeline and rate locks. Those answers help you compare lenders fairly.

When do I get a Loan Estimate?

A lender must give you a Loan Estimate within three business days of receiving your application. Keep it and use it to compare offers.

How many lenders should I talk to?

I suggest at least two or three. Use the same questions with each, and ask for the same number of points or credits so the numbers match.

What is the difference between a Loan Estimate and a Closing Disclosure?

The Loan Estimate shows expected terms and costs after you apply. The Closing Disclosure shows the final terms and arrives at least three business days before closing.

How do I avoid wire fraud when I close?

Call your escrow officer at a number you already trust before you send money, and confirm the wiring instructions out loud. Do not rely on a new email alone.

About the author

Trevor Landress is a San Diego REALTOR® with Coldwell Banker West (DRE# 02126901). He was born and raised in San Diego and has been licensed since 2021.

Trevor helps homeowners sell, guides first-time buyers through the home buying process and assists investors with their next acquisition. His work includes negotiating offers, analyzing market trends, building pricing strategies and running marketing campaigns for his listings.

He serves clients across San Diego County, from coastal communities like La Jolla, Del Mar and Carlsbad to neighborhoods inland.

Trevor is part of the Campbell Group, a three-generation real estate team, and he and the Campbell Group consistently rank as a top producing team at Coldwell Banker West each month. He writes these guides to help San Diego buyers and sellers navigate an ever-changing market. To talk through your plans, call or text (619) 402-4614 or contact Trevor Landress.

How I help San Diego home buyers

I help buyers sort out their budget, understand their loan options with a lender, search for homes, write and negotiate offers, keep track of inspection and contingency deadlines and stay organized through closing.

How I help San Diego home sellers

I help sellers price their home, prepare it for the market, market it to buyers, review and negotiate offers and manage the steps from an accepted offer to closing.