QUESTION TO ASK
WHY YOU ASK IT
WHAT THE ANSWER CHANGES
What are you trying to accomplish?
Identifies purchase/refinance, urgency and borrower priorities.
Sets the entire interview path; do not start by forcing a product.
Will this be your primary residence, second home or an investment property?
Occupancy affects program eligibility, pricing, down payment and documentation.
Primary, second-home and investment loans are underwritten differently; false occupancy can be mortgage fraud.
Have you served in the military or are you an eligible surviving spouse?
Screens for possible VA eligibility.
VA can offer zero-down financing and no monthly mortgage insurance for eligible borrowers; service alone does not prove eligibility.
Where is the property and what type of property is it?
Screens USDA location, condo/project, manufactured housing, multi-unit and other property rules.
Program eligibility can change even when the borrower qualifies financially.
What is the purchase price or estimated value?
Needed for LTV, down payment and program limits/structure.
Without price/value you cannot calculate leverage or realistic cash-to-close.
How much money do you have available and where will it come from?
Determines down payment, closing-cost capacity, reserves, gift/DPA needs and sourcing.
Cash in a verified account is different from a gift, business funds, borrowed money or an unexplained deposit.
What is your current employment and how are you paid?
Identifies salary, hourly, overtime, bonus, commission, self-employment or other income.
Different income types require different history and calculation methods.
How long have you been in this line of work?
Helps assess employment/income history and likely documentation.
A short job tenure is not automatically disqualifying, but it changes what must be reviewed.
What monthly debts do you have?
Needed for DTI and to reconcile with credit.
Car loans, cards, student loans, support obligations, co-signed debt and other liabilities can change qualification.
Do you own any other real estate?
Identifies mortgages, taxes, insurance, rental income/loss, reserves and occupancy questions.
Undisclosed real estate is a common source of late underwriting conditions.
Any recent bankruptcy, foreclosure, short sale or major credit event?
Flags seasoning/eligibility/documentation questions.
Dates and circumstances may change program fit; never promise approval before verifying current rules.
Will anyone give you money toward closing?
Identifies gift funds or interested-party contributions.
Gift eligibility, donor rules and seller concessions differ by program.
Is the seller offering to pay closing costs or buy down the rate?
Needed to evaluate seller-contribution limits and whether the credit exceeds actual allowable costs.
Seller concessions cannot simply replace required borrower investment on every program.
What is your target payment and why?
Reveals affordability expectations and helps compare structures.
A borrower may technically qualify for more than they are comfortable paying.
When do you need to close?
Drives disclosure, appraisal, underwriting and contract planning.
An eligible loan can still fail operationally if the timeline is unrealistic.