3. Compare rates
Mortgage rates vary widely, so make sure you get several quotes and compare each lender’s features. Each quote should include information on fees, loan amounts, and interest rates. You’ll also want to be aware of prepayment penalties that may affect your ability to refinance. Shop around and ask questions about loan terms until you feel confident in your choice of lender.
4. Make sure you understand the terms
Whether you’re refinancing your home or purchasing a new one, there are certain terms that affect how much amount you can borrow. And understanding them before you begin your search for a mortgage loan will help you make more informed decisions about what kind of loan works best for your individual needs.
