First Things First
1. How do I know if a refinance is a smart move for me?
2. Will refinancing save me money in the long run?
3. What are the interest rates associated with refinances right now? (Do not be embarrassed to follow up with: “… and is that good?”)
4. What different refinancing options do you offer?
5. If I am planning to move out of my home in the near future, is refinancing a good idea?
6. If I do not have very much equity built up in my home, how will this affect my refinance?
7. In your honest opinion, is now a good time for me to refinance?
8. My credit score is _____. Is that high enough for me to be able to get a good interest rate?
9. If my interest rate will only be a little bit lower if I refinance, is it worth it to do so?
10. What can I expect the rates and fees to be on my refinance? (Rates advertised often are just to give potential borrowers a general idea, and yours might be quite different.)
11. If I am eligible to get the low rates and fees as they are advertised, is there a deadline by which I have to complete the application and approval processes?
12. What documentation do I need to provide before you can extend a loan to me?
13. Do you offer any type of loan that would require only limited documentation?
14. Can I get a free quote?
After your Quote
15. Is there any way that you would be able to offer me a better rate, or is this absolutely the best possible?
16. Should I decide to refinance with you, will I definitely get the rate that has been quoted to me?
17. Is there an extra fee to ensure that I get this rate?
18. Will my interest rate change over the course of my loan term, and if so how?
19. What is the APR on the loan?
20. Do I have the option of either locking in an interest rate now or “floating”?
21. How much will my monthly payment be?
22. How long is the term of the loan?
23. How long will it take to process my loan?
24. How much is the fee to process my loan?
25. Do I have to pay an origination fee?
26. How much are the closing costs?
27. What are “points” and am I required to pay them?
28. What different fees are attached to the loan, and about how much do they add up to?
29. If I decide to refinance with you, what are all of the costs for which I will be responsible? No, no…. all of the costs.
30. Do I need to have my property appraised in order to refinance?
31. If I am able to pay off my loan early, is there a penalty fee for prepayment attached to the loan agreement?
32. Will I have to make a balloon payment (large lump sum) toward the end of my repayment term?
33. Will I need to purchase private mortgage insurance (PMI)?
34. If I already have PMI, can I potentially eliminate it through refinancing?
35. Are there any scenarios in which I will be required to repay my loan in full prior to the end of repayment term?
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