Certain things can also tip you off that the mortgage lender is probably not the right company for you. Most importantly, the mortgage lender should disclose all information about pricing with you. When you take out a mortgage loan, of course the lender is not going to give you the money for free. Interest is how mortgage lenders make the vast majority of their money. A mortgage lender may not be able to quote you an exact interest rate, as this will change according to the date of closing and your credit history, but you should get a ballpark idea. Any mortgage lender not willing to discuss this with you may be hiding something, like an unfair balloon interest rate. This isn’t always the case, but be suspicious.

In addition, a mortgage lender should be willing to give you a document completely outlining all of the closing costs associated with your mortgage. Closing costs are fees that you must pay based on costs incurred during the real estate transaction. These costs may include document preparation, underwriting, appraisal, travel expenses, title transfer fees, and insurance, among other things. If your potential mortgage lender doesn’t have information prepared for you to outline the closing costs, you should consider using a different lender. All good mortgage lenders should be willing to give you a “Good Faith” estimate, which includes the current interest rate and closing cost prices.