Mortgage Refinance helps you save money by lowering your interest rate. It makes monthly payments more affordable.
I provides you another chance to switch from fixed rate mortgage to variable rate mortgage and vice verse. There are so many arguments in favor of mortgage refinance that I feel pity for people who fail to refinance their mortgages.
Probably people are just scared of the term. Financial jargon can be really scary at times. Especially mortgage refinance is a very simple process.
Contrary to popular belief, It is a pretty straight forward and most people can do it without much help from anyone else.
In order to help you, I have created this checklist. You might like to follow it to guide you to get you through your next mortgage refinance.
Mortgage Finance Questioner
| Sr. No | Check List Item | Answer |
| 1 | Determine the purpose of refinancing
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| 2 | What is your Target Interest Rate, Monthly Payment and Type of Interest Rate (fixed, Variable) | |
| 3 | What is your Credit Score? Check Your Free Credit Report from all three agencies | |
| 4 | Do you know current value of your property? Write amount here. | |
| 5 | Is there a Pre-Payment Penalty on your current mortgage. How much would it cost you ? | |
| 6 | Have you collected at least 3 different mortgage refinance quotes from different lenders? | |
| 7 | Have you asked lenders for full disclosure of fees, financial charges, closing costs and other parameters? | |
| 8 | If you have got the mortgage refinance quotes from vendors, When would these quotes expire? | |
| 9 | Have you used an online mortgage calculator to determine savings or losses of your refinance process? | |
| 10 | What are Pre-Payment penalties on the Mortgage Refinance you are getting. |
Mortgage Re-Finance Checklist
Print the above mortgage refinance checklist and try to fill it. In the process of filling the above checklist, you will get the fair idea of the savings and other benefits of each mortgage refinance option you are being presented with at any point in time. It will also help you chose a mortgage lender that offer most value to you.
