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Mortgage Refinance Information

Mortgage Questions to Ask Your Lender


Buying and financing a home today can be overwhelming. Here are some questions to ask your lender so that you can make informed decisions.

Are both fixed-rate and adjustable mortgage loans available? What is the interest rate?

How long can I "lock-in" the financing at the current interest rate?

Is a float down lock available in case rates drop after I have locked in?

What are the other fees a lender may charge me in conjunction with my loan?

Are funds for a second mortgage available?

On adjustable loans:

  • How often will the interest rate be adjusted?
  • Is there a maximum limit on each rate change?
  • How often will the monthly payment be adjusted?
  • Is there a ceiling on payment adjustments?
  • Can the term of the loan be extended?
  • What is the maximum rate that can be charged over the life of the loan?
  • Is there any potential for negative amortization?
Is there a pre-payment penalty clause?

This involves extra charges for paying off the loan before maturity. About 80% of all loans in the United States are paid off early.

  • What is the "grace" period? How late can a monthly payment be made before a late charge is assessed?
  • What will happen if a payment is missed?
  • If you sell your house, will the new buyer (if he/she qualifies) be able to assume your mortgage at the same interest rate?
  • Do you have to pay "points" to get your new mortgage? Usually lenders charge points for the cost of giving you a mortgage loan. A "point" is 1% of the loan.
  • Will the lender require mortgage insurance?
  • Is the loan serviced locally or is the servicing sold?
  • Ask for a written "good faith deposit".

Leanna Meyer is a Realtor with Re/Max Cross Country and can help you find Lewisville Texas Real Estate. Find homes for sale and area information for Flower Mound Texas, Lantana, and Dallas, TX. Free buyer and seller reports are available as well as a mortgage calculator, and other mortgage information.


MORE RESOURCES:

CBC.ca

Pros and Cons of a Mortgage Refinance
FreeRateUpdate.com
Many homeowners are jumping on the opportunity to save money with a mortgage refinance at the current low mortgage rates. With mortgage rates at historically low levels, some homeowners have refinanced more than once in the past several years which is ...
Who Qualifies for the $26 Billion Foreclosure Settlement?TIME
What $25 billion mortgage settlement will and won't do for homeownersThe Seattle Times

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Lenders say mortgage refinance deal will bolster Manatee market
Bradenton Herald
By JOSH SALMAN - jsalman@bradenton.com MANATEE -- A new refinance program to help underwater homeowners will uplift the local economy by putting extra cash into the pockets of those who will spend it, area lenders predict. The deal struck with five of ...

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Mortgage-refinance bill a dangerous deal
Arizona Republic
by Robert Robb, columnist - Feb. 10, 2012 12:00 AM State Sen. Michele Reagan wants to help out underwater homeowners in the worst way. And she has succeeded with SB 1451 -- it's hard to imagine a worse bill. Reagan proposes to establish a state agency ...

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Housing Wire

Obama pressures Congress on mortgage refinance program
Fox News
WASHINGTON – President Obama is rallying support for his plan to expand government assistance to homeowners, pressuring Congress to help lower lending rates for millions of strapped homeowners. Obama, in his radio and Internet address Saturday, ...
President Obama's Mortgage Refinance Plan Just a Bid for VotesYahoo! Contributors Network
Obama Unveils Mortgage Refinance EndeavorsMortgageorb
New Obama mortgage refinance plan to near $10 billionHousing Wire
Go Banking Rates -CBS Moneywatch -MarketWatch
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MonitorBankRates.com

Mortgage Refinance Rates: 15 Year Refinance Mortgage Rates at 3.29%
MonitorBankRates.com
Mortgage refinance rates on 30 year conforming home loans are averaging 3.98%, unchanged from yesterday's average 30 year mortgage refinance rate. Mortgage refinance rates today on 15 year home mortgage loans are averaging 3.29%, down from yesterday's ...

and more »


Fox News

Obama Proposes Mortgage-Refinance Plan
Wall Street Journal
By NICK TIMIRAOS President Barack Obama called on Congress during Tuesday's State of the Union address to approve new legislation that would give all homeowners who are current on their mortgages the opportunity to refinance at record low mortgage ...
Will Obama's Mortgage Refinance Plan Be D.O.A.?U.S. News & World Report
Obama proposes mortgage refinance programPolitico (blog)
Obama proposes new mortgage refinance programHousing Wire
Daily Caller
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Harney: Reviewing Obama's mortgage refinance plan
The Seattle Times
Though it was pronounced dead-before-arrival by opponents on Capitol Hill, President Obama's new mortgage-refinancing package contained... By Kenneth R. Harney Mortgage refinancing is an outstanding plan particularly as the home mortgage rates are.

and more »


International Business Times

FOX 11 News Discussion: State of the Union
MyFox Los Angeles
And he aimed a pitch at homeowners, announcing a new mortgage refinance program with "historically low interest rates" that "gives every responsible homeowner the chance to save about $3000 a year on their mortgage." He added, "A small fee on the ...
Winning Words, But Not a WinnerU.S. News & World Report
Obama State of the Union 2012: Mortgage Refinance Changes Face ObstaclesInternational Business Times

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CBS Local

Six Questions on Obama's Mortgage Refinance Proposal
Wall Street Journal (blog)
By Nick Timiraos President Barack Obama said Tuesday night in his State of the Union address that he would send a plan to Congress to allow all homeowners who are current on their mortgages to refinance. Here's a quick look at the proposal: How is this ...
Obama plan could help refinance Bay Area mortgagesSan Francisco Chronicle

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Bloomberg

HARP Refi May Delay PMI Cancellation
NASDAQ
The federal HARP mortgage refinance program can be a huge boon for underwater homeowners. But if you have PMI, there's a little hitch you should know about. While refinancing a mortgage through HARP can cut your interest rate and save you money, ...
New HARP Could Help Up to 6.7 MillionMortgageLoan.com

all 56 news articles »

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