Which Bank? Refinance Loan Essentials for Choosing a Lender

Trying to find the right bank refinance loan can be a tough decision.

What You Need to Know

Always do a comparison between the different banks and lenders. It will be to your advantage and bring you the best deal. Here are some questions to ask.
  • The interest rate-is it fixed, adjustable, FHA or conventional?
  • Minimum deposit or down payment?
  • The length of the loan?
  • The Annual Percentage Rate (APR)?
  • What will the monthly payment be?
  • What Are the Loan Fees?
Here is a list of typical loan fees that lenders charge for a bank refinance loan.
  • Credit report fee
  • Lender fee
  • Appraisal fee
  • Attorney fee
  • Loan processing fee
  • Recording fee
  • Origination or underwriting fee
Are There Closing Costs?

It is a good idea to know ahead of time what the closing fees of your bank refinance loan will be. Some closing fees include:

  • state and local taxes
  • flood determination
  • prepaid amounts toward interest, hazard insurance, taxes, etc.
  • surveys and home inspection fees
  • interest rates that are applicable
  • prepaid private mortgage insurance (PMI)
Take advantage of free, no obligation mortgage quotes from lenders and be certain to check if the rate quoted is the lowest of the day or for the week. Use a refinance calculator to help you find the best deal for you.