Featured on The Jon Sanchez Show – May 14, 2025 | Available on Apple Podcasts & Spotify
Choosing the right mortgage lender is more than just chasing the lowest interest rate—it’s about partnering with someone who understands your financial picture, communicates clearly, and can guide you confidently through one of life’s biggest transactions.
On a recent episode of The Jon Sanchez Show, Jon sat down with mortgage expert Dwight Millard of Synergy One Lending to share the 7 most important questions every borrower should ask a potential lender—before signing on the dotted line.
Whether you're a first-time homebuyer or a seasoned investor, these questions can save you time, money, and unnecessary stress.
1. What loan programs do you offer—and which one is best for my financial situation?
No two borrowers are alike, and no two mortgages should be either. A strong lender will offer a range of options—from conventional and FHA to jumbo, VA, USDA, and even down-payment assistance programs—and help you choose based on your credit profile, income, and goals.
Why it matters:
The wrong loan product can cost more long-term. You need a lender who tailors—not pushes—a product.
2. What is the interest rate—and the APR? How long is that rate locked?
Understanding the difference between the interest rate and APRis crucial. The interest rate reflects your loan's base cost, while the APR includes fees and closing costs. And knowing how long your rate is locked ensures it won’t change before you close.
Why it matters:
A “great rate” means nothing if it isn’t locked—or comes with high fees buried in the fine print.
3. Can you give me a full breakdown of all fees and closing costs?
Transparency is everything. Your lender should provide a clear estimate of loan origination fees, title charges, appraisal costs, and all other expenses—before you’re sitting at the closing table.
Why it matters:
No one wants surprise costs on closing day. Ask upfront, and ask for it in writing.
4. What will my monthly payment be—and does it include taxes and insurance?
Many online quotes show only principal and interest, but your real monthly cost often includes property taxes, homeowners insurance, and possibly mortgage insurance.
Why it matters:
You need to know the full picture of your monthly financial commitment—not just the base loan payment.
5. Are there prepayment penalties or fees if I refinance or pay off early?
Most conventional loans today don’t carry prepayment penalties, but some niche or non-QM products do.
Why it matters:
If you plan to refinance when rates drop—or sell early—you don’t want to be penalized for doing so.
6. How long will the loan process take, and what documents do you need?
A well-organized lender should provide a realistic timelineand a checklist of required documentation, such as W-2s, pay stubs, bank statements, and tax returns.
Why it matters:
Delays in documentation or underwriting can put your purchase—or your rate lock—at risk.
Final Thoughts
A mortgage is a major financial commitment—and your lender should be more than a rate quote machine. They should be a resource, an advisor, and an advocate for your long-term financial well-being.
If you missed the episode, you can catch the full discussion on Apple Podcastsor Spotify. Just search The Jon Sanchez Show – Episode from May 14, 2025.