Home Buying in Miami>Question Details

Amanda Cliff…, Home Buyer in Miami-dade County, FL

What questions about refinancing are asked most frequently? I need help thinking what kinds of questions I should even be considering!

Asked by Amanda Clifford, Miami-dade County, FL Tue Apr 30, 2013

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Amanda -
1) Annual Percentage Rate (APR)? - don't get fooled by a "teaser"
2) What's effective cost for total refi package? Good Faith Estimate should help here
3) How much do you want to refi? If you have good equity, consider not going to a full 80-20 loan-to-value (LTV) and use your equity to qualify and maybe even get a better loan rate/APR
4) Is there a pre-payment penalty?
5) Is a 15 year package available (again, if you have good equity, this may help too)?
6) Do you want to push back to 30 years if you've been paying for a substantial time already?
7) do you need or want cash out of this? Suggestion = don't take it if you do not need it

Those are a few off the top of my head and hope they help. Cheers!
0 votes Thank Flag Link Tue Apr 30, 2013
Do I have enough equity in my home for a refi? Otherwise, would I waste my time and money on an appraisal? What will the closing costs be, if any? Am I getting the best rate possible? Would it be worth paying down points to get a better rate? Do I have good credit? Good Luck!

Blanca Dover, REALTOR
Century21 Hometown Realty

Cell: 805-427-5646

Website: http://www.blancadover.com
Web Reference: http://www.blancadover.com
0 votes Thank Flag Link Mon May 6, 2013
The questions should be directly related to the reasons why you are considering to refinance your home in the first place. Are you looking for a lower monthly payment to ease your total monthly expenses? Are you looking to refinance to cash money out for remodeling, business ventures, etc?
0 votes Thank Flag Link Tue Apr 30, 2013
Dear Amanda,

1. Do I have time to spare?
2. What is the rate I can get and what my monthly payment will be?
3. What are my closing costs?
4. Do I have good enough credit?
5. Do I have equity in my home?
6. How long till my house is paid off?
7. Is there a fee to pay off this loan early?
0 votes Thank Flag Link Tue Apr 30, 2013
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