How to Get a Mortgage Refinancing Consultation

If you want to take advantage of lower interest rates and refinance your mortgage to lower your monthly payment or change the length of your home loan, you’ll want to consider the costs and disadvantages before you make a final decision. A mortgage refinancing consultation with a lender or mortgage broker will help you calculate potential costs, find the proper mortgage type and term length. Consider these tips to get a mortgage refinancing consultation that answers all of your questions.

Difficulty: Moderate

Instructions

1. Seek a mortgage refinancing consultation with a local mortgage broker. If you sign up for home mortgage refinancing advice online, be sure to find a lender who specializes in your state to ensure the firm is up to date on the legal stipulations and options available to you.

2. Ask about the possibility of a free mortgage refinancing consultation. Some brokers and mortgage loan officers offer the simple service without obligation (hoping, of course, to receive your business once you receive the figures). To get an accurate estimate of fees and savings, however, you’ll need to divulge personal financial information about your current mortgage, property value, assets and credit report, for example.

3. Find out what the mortgage refinancing consultation will include if you have to pay a fee for the service. Some brokers provide a quick estimate, while others will offer everything from a personalized quote to a complete home refinancing analysis.

4. Determine what your total costs will be to complete the home mortgage refinancing. During the mortgage refinancing consultation, you’ll probably discuss application and attorney’s fees, inspections, a title search, local and appraisal costs, points and document preparation. The amount will most likely be a big factor when making your home refinancing decision.

5. Look at all of the options if you receive a mortgage refinancing consultation, such as changing the length of your mortgage to receive even better interest rates or the benefits of cash-out refinancing. When discussing the home mortgage refinancing, also discuss making the switch from fixed-rate mortgage to an adjustable one if you want mortgage payments that won’t fluctuate with a change in interest rates.

6. Inquire about no cost home mortgage refinancing to avoid up-front fees. Brokers have different stipulations for this type of home refinancing, however. Some lenders will pay your closing costs and end up giving you a higher interest rate for the duration of the loan, while others will include all of the fees into the total amount of your loan.