Top 4 Questions to Ask When Re-Financing
Do you plan to go through a mortgage lender? If so, it’s important that you know what to ask. Consider at least some of the following questions so that you are educated on the process and what’s involved.
- What Type of Loans Do You Offer?
Talk to them about the loans that are available to you. Some examples are the USDA, Conventional, VA, and FHA loans. Be sure to ask which ones will qualify for refinancing.
- What Are the Types of Refinances?
There are a few types of refinancing. This includes cash-out and rate-and-term. Once you talk to a lender about this, think carefully about the drawbacks and benefits of each of them.
- How Do You Qualify for a Refinance?
Will you qualify for refinancing? This depends on a few factors. Some of the standards that your lender may have in place include your debt-to-income ratio, credit score, and home equity. Your mortgage lender can give you some kind of idea about your specific situation before you go through a formal process.
- Does the Company Offer Rate Locks?
When you want to lock in your mortgage rate, you’ll need a lender who offers such a feature. It protects you against market interest rates and makes it so that your loan is more predictable.
Seek out the answers to the above and more questions with Mortgage Lenders in Las Vegas. It’s always in your best interest to know at least something before you visit a lender. This way, you won’t be overly confused during an appointment or frustrated at not being able to get exactly the offerings that you want.