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Trulia Chica…, Other/Just Looking in Chicago, IL

What are some good questions to ask when refinancing?

Asked by Trulia Chicago, Chicago, IL Mon Feb 11, 2013

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Manuel Brown’s answer
Trulia Chicago,

I am not sure if you are asking what are good questions a homeowner should ask the lender or what are questions a homeowner should ask themselves?

A home owner should ask themselves the following:

1. Do I have equity in my home?
2. Do I have good enough credit?
3. What are my financial goals? **
4. How long do I plan to stay in this home? **
5. What are the terms of my current loan?
6. Do I have a second mortgage or line of credit?

** Very important questions.

Questions a homeowner should ask a lender:

1. Are there any upfront cost?
2. What type of loan would be best for me at this time a 15 year, 30 year, etc.?
3. Can I role a second mortgage or line of credit into the refinance?
4. What paperwork do I need to provide you? (W-2, taxes, etc.)
5. Will my credit rate affect my interest rate?
6. How long will it take to be approved?
7. If approved, how long will it take to close?
8. What do I need to bring to closing?

Anyone looking to refinance should shop around before committing to anyone lender. I am sure there are several questions not covered by anyone reading this has a starting point.
2 votes Thank Flag Link Mon Feb 11, 2013
This is very useful! Thank you Manuel!
Flag Mon Feb 11, 2013
Manuel provided a great answer.

I have a couple more questions to ask the lender:

If I don't close the loan with you, how much $ am I on the hook for? (it should hopefully be limited to the cost of your appraisal)

What if the property doesn't appraise high enough? ( a good lender will have some alternative options to consider)

If rates drop after I lock in do you have a float down option to get a lower rate?

Best of luck with your refinance!
1 vote Thank Flag Link Thu Feb 14, 2013
Definatly compare lenders rates on the same day. Rates change every day. I would be happy to help you with your refinance. I will answer all of your quesitons and more. Standard Bank is a Community Bank, not like the large Banks. I would be ahppy to help. Joanna Weiss 773-327-3580
0 votes Thank Flag Link Wed Feb 20, 2013
Rate/Term & Costs of the Loan.

All Loans are FULL documentation so be prepared to provide income, asset and credit documentation that your lender will request.
Web Reference:
0 votes Thank Flag Link Wed Feb 13, 2013
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