Start with your goal
Are you trying to change a payment, shorten a repayment period, review a loan feature or access equity? Bring your current mortgage statement, approximate property value, remaining term and financing goal to the discussion. Existing second mortgages or other liens also matter.
Compare more than a quoted rate
Review points, lender charges, third-party costs, mortgage insurance, lock terms and the estimated total payment. A lower payment can result from extending repayment and may increase the total interest paid. A break-even calculation depends on the actual costs, payment difference and how long you expect to keep the loan.
Appraisal and credit-report charges vary. Ask for the applicable charges when your scenario and provider requirements are known.
Match the property and documentation
Primary homes, second homes and investment properties have different requirements. Self-employed homeowners can discuss traditional documentation and bank-statement options, while rental-property scenarios may warrant a DSCR review.
Considering cash-out refinancing?
Review the proposed new loan, existing payoffs, closing costs and the equity you would retain. Property use, ownership and cash-out seasoning depend on the selected lender and program. Discuss the full scenario before relying on an available cash-out amount.