Three things to watch: pricing spread, prepayment penalties, and how much history you can document. - Shop wider than you would on an agency loan. With reputable lenders, conventional and FHA quotes tend to cluster within about a quarter point of each other. Non-QM products like bank-statement and DSCR loans range far more from one source to the next, so shop them through a broker with many wholesale investors rather than a single bank's in-house program. - Ask directly about prepayment penalties. Agency loans don't carry them. Non-QM loans can, within legal caps, and lenders often use a penalty to buy the rate down. Find out whether one is baked in and what refinancing or selling early would cost you, and get it in writing. - Document as much history as you can. More months of bank statements generally earns better terms, so thorough records work in your favor. Confirm the specific structure and any prepayment terms in writing before you commit to a non-QM lender.