Compare several lenders before committing to one. This work sheet provides you with key questions to ask potential lenders. Make a copy for each lender.
Questions to ask lenders before refinancing
| Contact information | | Lender: | | Phone: | | Address: | | Web site: | | Contact name: | | Status of application: | | | | | Questions to ask | | 1. | What is the interest rate? | | 2. | What are the closing costs? | | 3. | How many points will I have to pay? | | 4. | What are the qualifying guidelines for this loan? | | 5. | What documents do I have to provide? | | 6. | How long will it take to process my application? | | 7. | What might delay the approval of my loan? | | 8. | Can I lock in the interest rate and what will it cost me? | | 9. | Will the interest rate change over the life of the loan? | | 10. | What will the monthly payments be? | | 11. | How many years will the loan be? | | 12. | Will there be a balloon payment at the end? | | 13. | How will the lender or broker be paid? | | 14. | Will I ever have to requalify for the loan and when? | | 15. | Is there a prepayment penalty? | | 16. | Does the loan package include credit insurance? |
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