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When refinancing with a lender whether or not you use a mortgage broker, you should have all information about the proposed loan disclosed to you in writing in advance of signing or paying for anything. Compare apples to apples by comparing loans with the same term, and amount. Look at the interest rate, whether or not there is a penalty if you prepay, and be sure that your are comparing a fixed interest against a fixed interest rate, or an adjustable rate to an adjustable rate mortgage. Do not confuse the two and become educate before you sign, not when it time to make a payment! Its pretty much like buying a car, in that you can almost always make a better deal once you understand the process and find the least greedy sales person.
AnswerOk so I have some lenders I work with who are banks with names you would recognize and then I have a group of lenders we call "SubPrime" and Alt-A.Here is the inside "skinny" Bank Lenders are usually A paper (not Alt-A) lenders. You usually have to have a loan that is fully documented( all your income, verify everything, bank statements most like not go outside the lines or have anything unusual with your loan Most will not consider your loan if your FICO score is under 640 or you have a debt to income ratio that is over 50% (I am being generiuos with this ) Mortgage Brokers are a better bet because they shop your loan and get your the best rate. Brokers have access to banks you will have access to your have ever heard of so sometimes this is a good way to go.
What to ask the Bank. What are your points, what is my rate/ , is it fixed ,interest only can i buy down the rate with points in the front is it Amorized I would like a Good Faith Estimate of my closing costs ...Good Luck Nora
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What are some common refinance questions that borrowers should ask before considering refinancing their mortgage?
Before refinancing a mortgage, borrowers should ask about the potential savings in monthly payments, the length of the new loan term, any fees associated with refinancing, the current interest rates, and the impact on their credit score.
What is the most important question to ask when refinancing?
The most important question to ask when refinancing is: "Will this save me money in the long run?"
Where can one find information about refinancing costs?
One can find information about refinancing costs from government-hosted websites. These websites contain abundant information on refinancing and its costs. In addition, one can ask one's peers for information and get tips on refinancing.
What are the important questions to ask when refinancing a loan?
When refinancing a loan, important questions to ask include: What is the new interest rate? What are the closing costs? Will the new loan term be shorter or longer? How much will you save in total interest payments? What are the potential penalties for early repayment?
Does refinancing your home negatively effect your credit?
It can if done improperly. Be very careful during the process and if you get an attorney to help you through it, ask him or her about any possible negative effects in your case. Below is an article on refinancing.
What are some common refinance questions that borrowers should ask before considering refinancing their mortgage?
Before refinancing a mortgage, borrowers should ask about the potential savings in monthly payments, the length of the new loan term, any fees associated with refinancing, the current interest rates, and the impact on their credit score.
What is the most important question to ask when refinancing?
The most important question to ask when refinancing is: "Will this save me money in the long run?"
Where can one find information about refinancing costs?
One can find information about refinancing costs from government-hosted websites. These websites contain abundant information on refinancing and its costs. In addition, one can ask one's peers for information and get tips on refinancing.
How can you get the cheapest car loan?
you have to ask banks i know key banks min is like 5k and the monthly payments will be low if you have amazing credit
Bernie Madoff claims the banks knew about his fraud but turned a blind eye-is this true?
Probably not, but don't quote me. You should ask the banks in person or email them or write a letter to them or send a text or something. I honestly don't know, though.
If your friend wants you to ask a guy if he likes her should you ask him?
If she really wants to know she should ask him herself.
Should you ask a cute girl out or get to know her better?
If you want to go out with a girl you should always try and get to know her better before you ask her out.
You know this girl likes you and you like her what should you do?
You should ask her out!
Is it true that if you dont know you better ask somebody?
Yes, when you don't know something you should ask... Even if it's embarrassing you, you should ask. Also read for understanding.
What are the important questions to ask when refinancing a loan?
When refinancing a loan, important questions to ask include: What is the new interest rate? What are the closing costs? Will the new loan term be shorter or longer? How much will you save in total interest payments? What are the potential penalties for early repayment?
Why should i ask you for an answer?
Because I probably know it :).
Does refinancing your home negatively effect your credit?
It can if done improperly. Be very careful during the process and if you get an attorney to help you through it, ask him or her about any possible negative effects in your case. Below is an article on refinancing.
