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Mortgage Questions and Answers

1. Is Now A Good Time To Refinance?
2. When should I refinance my current mortgage loan?
3. Should I refinance if I plan on moving soon?
4. What are points?
5. Should I try to pay as many discount points as possible to lower my loan's interest rate?
6. What does it mean to lock the interest rate on a mortgage loan?
7. Should I lock-in my loan rate when I apply for a mortgage loan?
8. I've had credit problems in the past. How does this impact my chances of getting a home loan?
9. I've only been late a couple of times on my credit card bills. Does this mean I will have to pay an extremely high interest rate?
10. How can I tell who has the best deal on financing?
11. Should I choose the lender with the lowest interest rate and costs?

Q. How can I tell who has the best deal on financing?

A . When comparison shopping among lenders, remember that a lender can structure financing for a borrower several different ways.

A lender can charge higher fees and offer a low interest rate while another may charge a slightly higher interest rate with lower fees.

In order to make an 'apples to apples' comparison between lenders, ask each lender what their interest rate is for a zero discount point loan (based on a 30 or 60 day lock period).

Then ask each lender what they charge for an origination fee, as well as any other fees they typically charge for a loan, (i.e. broker, processing, underwriting).

A reputable lender will not hesitate in answering these questions.

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