By talking with several loan officers you can get current interest rates, points, fees, and lock-in information. Finding information about loan terms and rates will take a little time and effort on your part, but it's an important and worthwhile step in the refinancing process.
Shopping on the Internet has become a popular way of finding mortgage and refinancing rates, quotes, advice, and information. National mortgage lending companies such as Lendingtree offer competitive rate quotes from leading banks and lending institutions nationwide. You can speak with a variety loan officers about refinancing rates and programs they have to offer.
When speaking with a loan officer it's important to know which questions to ask. Here are some questions you should ask:
1. Will you be charged points?
2. Can you get your rate locked-in, and for how long?
3. What is the length of the loan you're being quoted?
4. Will I be charged a penalty for prepayment?
5. What are the lenders closing fees and third party fees?
With the information you learn about interest rates, points being charged, length of loan, prepayment penalties, and closing costs you can determine which lender has the better refinancing deal. Getting advice and information ahead of time can help you get the best refinancing deal possible!
