Mortgage Broker Company in Albany, NY

How to Refinance a Mortgage - A Guide to Mortgage Refinance

The first step to refinancing a mortgage is asking yourself a few simple questions. First Rate Funding has put together this refinance guide to help you answer common questions that lenders will have during the refinance process, to better prepare you when meeting with a lender.

If you have any additional questions about the mortgage refinance process or would like to set up an appointment use our contact form or call us at (518) 452-4700.

Answering the following questions will better prepare you for shopping  for a mortgage refinance provider as well as help expedite the process.

Mortgage Refinace Questions

  1. What is your current mortgage interest rate?
  2. Do you have a fixed or adjustable rate?
  3. Are you looking for a fixed rate or ARM?
  4. Is this your primary residence, investment or rental property?
  5. If it is your primary residence, how long do you plan to stay before selling?
  6. Does your current loan have a pre-payment penalty?

Personal Finance Related Questions

  1. What is your current credit score?
  2. How much money do you owe?
  3. What is your annual income?
  4. How much do you have in personal savings?
  5. How much is left on your current mortgage?
  6. Are you currently employed, unemployed or retired?

Why Do You Want to Refinance?

  1. Do you want to refinance to lower your current rate?
  2. Do you want to switch to a fixed rate?
  3. Are you refinancing to avoid a balloon payment?
  4. Do you want to cash out on your homes equity?
  5. Are you refinancing to end paying Private Mortgage Insurance (PMI)?
  6. Do you want to consolidate personal or credit card debt?

Remember, refinancing is not always the best thing to do. It is important to consult with a trusted mortgage company that will provide you with honest answers. Here at First Rate Funding we are committed to providing the best service and will only present you with options that are in your best interest.

Call us today to speak with a mortgage broker.