I am planning on re-financing this month or next i want to make sure i am getting a good loan and its worth my money. Are there any questions i Have to ask? or anything that i need to know?
2007-11-26 09:02:12 · 7 answers · asked by Irish07 1 in Business & Finance ➔ Other - Business & Finance
First, know what you rate currently have:
then see what the closing fees will be, what rate he could give you, if its fixed, and if you will be charged with points - which is not a good thing, see how many years you will finance for.
shop around, and the lowest rate and closing fees is the best deal!
2007-11-26 09:06:22 · answer #1 · answered by Joe The Great One 3 · 0⤊ 0⤋
Oh wow- glad I saw your question.... My husband and I almost lost our house 1 year ago due to refinancing. Rule of thumb-
If it sounds too good to be true, then it probably is!
The lender told us that we were getting a 4.7% rate and our payments would be super low- well after we signed the papers during closing, turned out that the loan was a NEGATIVE AMORATIZATION LOAN in which it was going to be 8.7 % APR. Yes, we were going to pay 4.7 initially, but the remainding 4% would go to the back end and we would of owed $100,000 USD more after 4 years! Plus he added a monthly private mortgage insurance ($500.00/mo) which is bs- anyway, long story- we cancelled and got a 6.9 fixed 30 year w/ another lender
Just try to get a fixed 30 year loan, try not to get into that "teaser" loan or else you will foreclose in about 4-5 years and won't be able to afford your own house- some lenders are sharks and wouldn't give a damn if you ended up homeless in 5 years. Just look at the news online and google "rise in foreclosures" and read about the mistakes people made- GOOD LUCK
2007-11-26 09:14:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
How much is it going to cost you. What is the percentage rate. How many years is the loan for. How much will the refinancing save me over my current mortgage.
2007-11-26 09:05:18 · answer #3 · answered by regerugged 7 · 0⤊ 0⤋
what the APR is, will you have to pay anything out of pocket during closing. make sure its what you want ,like a 30 year fix.how much does the house have to be appraised at so i can get the refinancing/
2007-11-26 09:06:57 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Is there any penalty if I refinance with another company during any period of time or penalty for early pay off
2007-11-26 09:05:22 · answer #5 · answered by emtalex 4 · 0⤊ 0⤋
Where do you have your money? who brokers you? and what do you pay for this service.
2007-11-26 09:06:19 · answer #6 · answered by Don m 2 · 0⤊ 0⤋
how much are you going to charge me? and whats your percentage!!
2007-11-26 09:05:30 · answer #7 · answered by amber1234 3 · 0⤊ 0⤋