Below are some most important questions to ask your potential lenders before you refinance.
Preparing for a refinance? If yes, then now is the time to find the best mortgage lender. We, at Texas Trust Home Loans, are so confident that we are the best out there that we will provide you with the questions to test us and others out there. If you don’t like the answers you receive, continue shopping for a refi loan until you find a mortgage lender with whom you feel comfortable with.
What interest rates you can offer for a no-cost refinance?
Like any other borrower, you might like a “no-cost” loan, so your refinance has no extra costs. Most of the lenders usually highlight their lowest possible interest rates that typically don’t take account of the lender credits required for a no-cost refinance. So, in that case, a lender’s interest rates might look reasonable, but they might not be for the specific kind of mortgage you need. It would be best if you made sure that the lenders are quoting you the interest rates according to your particular financial situation.
What is your fee structure, and does it include commission or lender fees?
Refinancing will also cost you specific fees just like when you originally purchased your home. Some of the fees are the same across lenders and are compulsory such as credit checks, third-party appraisal fees, recording fees, flood certifications, prepaid, escrow, and title fees. While others are lender fees like the application, underwriting or origination fees. All those fees can add a significant amount to your closing expenses. We, at Texas Trust Home Loans, provide lender credits for many over loan options, which reduces the overall cost for our clients
What mortgage discounts are available to me?
Discounts and affordable lending programs are not just for first-time homebuyers. Those discounts are also available to refinancers and experienced homebuyers; most lenders don’t have the incentives to check whether you qualify for such programs and to pass those benefits onto you.
At Texas Trust Home Loans, we have worked with certain refinance clients who are eligible for Fannie Mae’s HomeReady discount offer, but they were not adequately guided when they had their first mortgage. We always try to save you money by helping you find all the available discounts.
Do you have a price match program?
Most lenders out there will probably tell you that the interest rate on refinancing they are offering to you is the lowest in the market. Ask them if they got a price matching program. Texas Trust Home Loans offers you the most competitive prices, and there is almost no one who can compete with us when it comes to that, but if another lender is better than us, we will get their quote matched for you.
Can you give me a Loan Estimate (LE)?
Of course! Complete our online loan application at www.texastrustloans.com/LoanApplication, and we’ll be able to get a loan estimate over to you.
The only way to compare loans and lenders is by having several Loan Estimates from different lenders. A LE is not a fee sheet; it’s a standardized document which details all of the costs associated with your loan.
If you have any further questions, call us on (888) 971-1425 or (214) 245-3929 and consult with one of our expert loan officers or you can visit our website www.texastrustloans.com