Not surprisingly, 59% of homeowners wish they had a better grasp on the terms and details of their mortgage, according to data collected in September of 2016. While it’s important to ask questions about mortgage loans during the meeting with your lender, it’s more important to ask the right questions.

Most people are asking questions that don’t provide them with any more insight into their mortgage loan. With a little tweaking, you can change those questions to ones with answers that give you a better understanding of your loan.

Ask “What are my loan options with a low down payment?”

Most people make the mistake of asking their lender how much of a down payment they should make, but because of the differences from borrower to borrower, your lender won’t be able to provide you with an accurate answer. In order to tell you exactly how much you should put down, they would need to know your current financial status and expenses as well as your long-term financial goal. Since they’re a lender and not a financial planner, they can’t answer that question. Asking what types of loans and options are available to you if you were to put down a small payment would be more beneficial.

Ask “How much is the origination fee?”

When you’re shopping around for mortgage lenders, you typically chose the one with the lowest closing costs. Except, the problem with that is closing costs aren’t dictated by the lender and vary by property, not the financial institution. Therefore, instead of asking “How much are your closing costs?” ask “What is your lender/origination fee?” That way, you’re choosing a lender based on their fee and not the fees associated with the property.

Ask “When can I lock in my rate?”

Asking a lender if they offer rate locks is like asking if the Pope is Catholic; the answer is always yes. Instead, you might find it more beneficial to ask when you can lock in your rate. The answer will be when you have a property, and that’s true for all lenders. Yet, the actual time that you decide to lock in your interest rate is entirely up to you. Of course, you want to get the best rate, but that can be hard to do since rates fluctuate and you don’t know if they’re going to go up or down. Your lender could help guide you through this process, should you ask.

Hopefully, reading this short post gave you a bit more insight into the terms and details of your current mortgage loan. If you’re still hunting for one, then use this quick guide to get the most out of the meeting with your lender.