While the lender will be asking you for a lot of background information in order to insure you are the best fit for the money they will loan out, there are critical questions you should ask the lender as well. Failure to ask mortgage lenders the right questions can result in misunderstandings and ultimately the loss of a significant amount of money. Doing your research, asking the questions, and taking the time to understand the mortgage loan you are being offered will result in substantial savings, both in money and headaches.

First, find out exactly how long it will take to process your mortgage. If you are obtaining pre-approval to purchase a home this may not be as critical, but if you have already placed an offer on a home with a contingency of obtaining financing, this can be critical. The deal can be lost and someone else may buy the home out from under you while you're still waiting around for the underwriting to go through. So, save yourself the headache and get a clear idea up front of how long the lender expects the process to take.