Home purchasing or refinancing can be one of the biggest financial decisions of your life, so it is crucial that all relevant questions are asked prior to making your final decision.

These four questions to ask your mortgage lender can help you assess whether or not working with your mortgage lender is going to be enjoyable, going beyond interest rates and down payments.

1. How Much Can I Afford?

Answers to this question depend on your income and amount of debt (housing-related costs such as principal, interest, taxes, and insurance premiums as well as monthly recurring liabilities like student loans or credit card balances). Typically lenders aim to lend you two times your gross annual income for a mortgage; however some borrowers can even qualify for loans of five times your annual income if all major debts have been cleared away; regardless, always ensure you choose a loan amount that allows you to comfortably afford your new home.

3. How Long Will It Take To Close?

Closing on a home can be one of the most exhilarating steps of the home-buying process, marking an exciting conclusion of all your hard work and providing you with keys to your new place.

Preapproving for a mortgage before shopping can speed up the closing process and help determine what loan amount and rate are most suitable for you. Plus, preapproval allows you to lock in rates for an extended period.

As part of your closing, an attorney or escrow company reviews title documents to make sure there are no existing liens against the property, as well as confirm who owns it.

Dependent upon the mortgage type and market conditions, completion can range from 30-60 days for all aspects of the process including appraisal reports, title searches and creating closing documents.

4. Can You Guarantee My Loan Will Close on Time?

Speed and accuracy are two essential traits in today's tight mortgage market, so working with an agile lender is essential to its success. Enlist a savvy attorney or paralegal to assist with red tape management for maximum results; also remember to stay proactive rather than reactive with clients to reduce stress levels - getting acquainted may prove trying initially, but doing it the right way will pay dividends down the line!