What's your rate? That's the No. 1 question posed to lenders by potential borrowers. But the rate, most real estate agents would agree, is one of only a handful of relevant questions borrowers should ask before choosing a loan - and more importantly, a lender.

"Aside from rate, it's service, reputation, reliability and breadth of loan products," said George Karsant, a top sales agent for Coldwell Banker in Oakland, Calif. "Anyone can quote a rate," explained Karsant, "but it's another matter to deliver the rate, the lock, and the loan in a timely fashion. And to do it with consistency."

To help you select the right lender, here are some questions you should ask. If each and every question isn't answered thoroughly and to your complete satisfaction, turn (right now!) and run out the lender's door as fast as you can.

Do you have a long track record in residential lending?
Technology, and the ability to sell loans to the secondary market, has made it easier for companies to enter the home loan business. But it's a tough business to master. Look for a lender with a minimum of 10 years of hands-on experience in making home loans. And by hands-on, we mean the entire loan process: counseling, processing, underwriting and closing home loans. A long history in residential lending indicates financial stability and commitment to the long-term needs of customers.

Do you have a real (not virtual) office?
Here again, technology has given us the wherewithal to work out of a briefcase, or the trunk of a car. But, according to Karsant, the absence of a bricks-and-mortar office could be a danger sign. After all, you want accountability from your lender. You want checks and balances. A real office, with controls, management and administrative support, and where a loan officer can share ideas with colleagues, probably offers more mortgage solutions than does a lone-wolf loan officer. This doesn't mean that a loan officer who's equipped with a laptop computer can't offer all of his or her services in the comfort of your home. But there is great comfort (of mind) for the borrower in knowing there's a mother-ship office that can fulfill the loan officer's promises and administrative obligations.

Are your loans processed, underwritten and closed locally?
Ask your Realtor how important it is for your lender to have local autonomy. Many lenders put on a pleasant local face. But once the local loan officer takes your loan application it most likely goes to a regional processing center. There, back-office workers who don't know you, your city, or the unique aspects of your local housing market, will process your loan and send it to a group of centralized underwriters. These underwriters, who are hundreds, and maybe thousands of miles from your property - and who have never spoken to you, nor probably to your loan officer - will then pass judgment if your loan should be approved or not. A lender with on-site, or near-site processing and underwriting will have a much greater understanding of localized market conditions and practices.

Do you offer VA and FHA loans?
Maybe you're not a veteran of the U.S. Armed Forces. Or maybe, the loan you're seeking is well beyond the local lending limits of an FHA loan. Nonetheless, it's important that the lender you choose offer these loans. Why? Because if the government has bestowed direct endorsement status on a lender, it's the strongest sign yet of a lender's trustworthiness, stability and consistency.

Do you offer a full menu of loan products - including ARMs?
If an auto dealership had but a single model to offer, you can bet their sales pitch would try to persuade people - from all walks of life and needs - that the car was a perfect match. But it wouldn't be. Likewise, you don't want a lender trying to shoehorn you into one of the three loan types they offer. Their limited menu might not provide you with the best financial fit.

Go to a lender with a full menu of loan products: conforming and jumbo, fixed-and adjustable-rate, balloons, buy downs, hybrids, local bond programs, sub-prime, rehab, pre-approvals, equity lines. With the help of a skilled and knowledgeable loan officer, at least one loan will be just right for you, right now, in your unique situation. Remember: you pick the loan; don't let the loan pick you.

As always, consult with your professional real estate agent to point you in the direction of a trusted and respected lender. This is one of the most important, and value-added, services your real estate agent can perform for you.