Mortgage Question?
View your credit file based on any of the UK credit reference agencies, or all three at once
LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee!Click here to get a 10% discount.
#3 2 years of your federal income tax returns.
Once this has been done, you and the morgage broker sit down and go over the mortgage programs you are qualified for.
At this setting you should be able to find out the loan amount, the interest rate. as well as the terms of the loan. You will also find out the cost of the loan. This is the points and fees as well as escrow, title and any insurance cost that will be associated with the new mortgage.
You should ask any questions about any mortgage progrgam you are qualified for. This the time to avoid any potential future problems.
The other time to avoid any potential problems is when you sign your loan docs. If what you have discussed with this mortgage broker is not what is on the loan docs, you have a problem, call the mortgage broker and resolve them now.
It is too late to resolve any problems once the loan docs have been signed, because everyone concerned would have thought you were intelligent enough to read and understand what you have just signed.
The only redeeming factor is since this is a refinance you have a 3 day right of recision. That is you can change your mind and nullify the loan within three days of signing. There will be a document give to you that you can fax into the mortgage company, you can call escrow or the title company to cancel the mortgage, without penalty.
Don't be fooled by the no fee, no points loan. Sometimes it is better to pay the points and fees as these are tax deductable over the life of the loan.
More Related Questions and Answers ...
The loan information post by website user , we not guarantee correctness.