What to ask the refinance loan officer?


When you plan to refinance a loan officer should be consulted in regards to any aspects of the refinancing transaction.

Here is how a refinance loan officer can help you:

What will you be refinancing for? The loan officer will help you determine if you need rate reduction, debt consolidation or a cash-out refinance.

If you are refinancing with particular lender or refinance program, you might be eligible for a Streamline Refinance - your Refinance Mortgage Specialist will help you find out the most cost-saving refinance option for you.

The refinance loan officer will be able to run calculations for you and advise if the refinance you have already chosen will be worth it.

They will also help you determine what term you need the refinance for. Whether you need a 15 or 30 year fixed rate mortgage refinance, or a 5/1 hybrid ARM - the refinance loan officer will be able to tell you the scenarios, so that you make a right choice corresponding to your plans for keeping the house.

Make sure that your loan officer discloses as many fees as possible about the refinance closing costs. A trustworthy loan officer wouldn't mind discussing third party fees, commissions and would explain how to get discount on certain items. For example, if you are refinancing with the same lender and they still service your loan, they already have your file and certain fees and charges may be waived or discounted.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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