Step 1: Loan Program Questions
Is the loan for?
How long do you intend to keep the property?
What is the balance on your first mortgage?
What is the balance on your second mortgage?
What is your current interest rate?
What is your monthly payment (include principal and interest)?
What is your current term/program?
Does your mortgage have a pre-payment penalty?
If yes, how much?
If consolidating debt, what is the total amount you wish to consolidate?
If receiving cash, how much would you like to receive?
What is the current value of your home?
When considering adjustable rate, fixed rate or other programs you are interested in