Ask Now or Pay Later Refinancing

by Rachel from Tallahassee, Florida USA

Ask Kate: Ask Now or Pay Later Refinancing Before refinancing your mortgage, think about questions to ask the lender. Don't be afraid! This is your home, your mortgage, and your future you are about to make a decision about. So ask as many questions as you deem necessary.

1 -- The first question would be if the interest rate will be fixed or adjustable? The interest rate is important and you NEED to know the details.

2 -- Ask the lender, "How many points will I be required to pay?" The points on the refinance loan can add some extra money on the total payments.

3 -- Also ask, What index will the interest rate be based on? and How long will it take for the process to be completed?

4 -- Find out if your lender has any other options for your needs other than refinancing your mortgage. Your needs may be to be met in a different approach.

5 -- Is the lender licensed and see if you can find any information about them with the BBB or Chamber of Commerce in your area.

There are many predatory lenders out there that could do you way more harm than good. It's your money and your mortgage and house, so you deserve to know everything that will help you make your decision. Rachel

Kate Answers: Ask Now or Pay Later Refinancing

Hi Rachel, I agree! This is your house and your mortgage. No one will care more than the homeowner. Thanks for great advice.

I hope you'll come back to my website Get Your Best Mortgage Rate again in the future. So remember to bookmark Get Your Best Mortgage Rate to your favorites and visit often for up to date tips for buying a house, mortgage news and refinancing advice.

You can also invite friends to comment on this page or create a page of their own like you did.

Best Wishes,

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