To Refinance, or Not to Refinance... that is the question!

When starting to think about a refinance, there are some key things we need to know. Please read below a few questions that help determine if this is the right time to refinance.

Yes, it looks like a bunch but a necessity for us to get a ballpark.

What type of loan are you in now, i.e. FHA or Conventional 30 year fix or an ARM?
The balance of your loan on your last mortgage statement and Interest Rate
The payment you make on that loan
Does that payment include an escrow account?
Tell me the breakdown of that payment, what is Principle and Interest and what/ if any, amount into escrow
Does this loan have PMI or MIP, if so, what is that amount per month?
Do you want an escrow account for this new loan?
Yearly taxes for the home
Yearly insurance for the home
Is there a 2nd loan, and if yes, was that loan taken out with the purchase or after?
If so, what is that balance, rate, type of loan and monthly payment for this loan?
Do you remember the Month and Year you bought this home, and the purchase price?
Care to guess at what your home is worth today?
Have you done any major improvements to the home since you bought, counter tops, additions or a pool?
How long do you plan to live in this home?
Is your goal of this new loan to lower the monthly payment or the years you are in the loan?
What style of loan would you like to see numbers on, 30yr, 20yr or 15yr fixed?
Would you rather have the closing cost rolled into the new loan or pay at the closing?
How do you rank your credit; Excellent, Great, Good or Fair?

Want to get started?

Send me an email message and answer the questions above. Also include your address, and I will log on to your appraisal district and get a value idea for your home. (The numbers on-line at the appraisal district are not the best reflection of your home's value, which is why I asked you in question 13 what you thought your home is worth.)