Print this page or keep it open while you talk with at least two lenders about mortgage rates. It goes with the 5 guides on Refinance Break-Even Guide. Sections are ordered by how often those guides discuss each topic, and each one quotes what the guides say about it. Write each lender's answer in its column, then compare. Nothing here is collected or sent; the boxes are for pen and paper.
Read before you call
One point from each guide on this site, so you can follow what each lender tells you.
- “Divide your total refinance closing costs by your expected monthly savings.” From When Does Refinancing Make Sense? The Break-Even Test
- “Removing an ex-spouse from the loan usually requires a refinance in the remaining borrower’s name.” From Refinancing After a Life Change
- “Higher credit scores, more equity, a change from adjustable to fixed preferences, or a need to remove a co-borrower can all justify a refinance regardless of market moves.” From Refinance Timing: Signs It May Be Worth a Look
- “Refinancing a loan that is years into its schedule into a new long term can lower the payment but increase total interest.” From Refinance Mistakes That Erase the Savings
- “Find your latest mortgage statement and note the principal balance, interest rate, remaining term, escrow amount and whether you pay mortgage insurance.” From A Refinance Readiness Checklist
Questions from this site's guides
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Who needs to be on the new loan? | Lender 1 answer | Lender 2 answer |
| Which documents prove my current income? | Lender 1 answer | Lender 2 answer |
| Is a refinance required, or can I keep the existing loan? | Lender 1 answer | Lender 2 answer |
| How do support payments affect qualifying? | Lender 1 answer | Lender 2 answer |
| Should I talk with an attorney or tax professional first? | Lender 1 answer | Lender 2 answer |
From the checklist on this site.
Pricing questions
What the guides on this site say:
- “If an ARM is approaching its first adjustment, compare expected payments under the caps with a fixed-rate refinance.” From Refinance Timing: Signs It May Be Worth a Look
- “Pricing changes daily, and waiting for the perfect moment can backfire.” From Refinance Timing: Signs It May Be Worth a Look
- “Write down what the refinance is meant to do: lower the monthly payment, shorten the term, remove mortgage insurance, switch from an adjustable to a fixed rate, or take cash out.” From A Refinance Readiness Checklist
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Which details of my file is this quote based on: credit, loan-to-value, loan amount, property type and occupancy? | Lender 1 answer | Lender 2 answer |
| Can you issue the Loan Estimate on the same day as the other lenders I am comparing? | Lender 1 answer | Lender 2 answer |
| Which items on this quote could still change before closing? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Loan Estimate explainer.
Loan features
What the guides on this site say:
- “Escrow refunds: your old servicer generally refunds the old escrow balance after payoff, which affects cash flow but not the cost of the loan.” From When Does Refinancing Make Sense? The Break-Even Test
- “The new loan may need an initial escrow deposit at closing, while the old escrow refund arrives weeks later.” From Refinance Mistakes That Erase the Savings
- “Check your original note or Closing Disclosure for any prepayment penalty.” From A Refinance Readiness Checklist
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Does this loan have a prepayment penalty? | Lender 1 answer | Lender 2 answer |
| Can the interest rate or monthly payment change after closing? If so, when and how? | Lender 1 answer | Lender 2 answer |
| Will I have an escrow account for property taxes and insurance? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: What is a prepayment penalty?.
Your Loan Estimate
What the guides on this site say:
- “Financed costs: rolling closing costs into the balance means paying interest on them.” From When Does Refinancing Make Sense? The Break-Even Test
- “Divide total closing costs by monthly savings to estimate months to break even, and compare with how long you plan to stay.” From Refinance Timing: Signs It May Be Worth a Look
- “Set a target that meets your goal and act when a Loan Estimate reaches it.” From Refinance Timing: Signs It May Be Worth a Look
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Can you send me an official Loan Estimate for this exact scenario? | Lender 1 answer | Lender 2 answer |
| Which fees in the Loan Costs section are your own charges, and which are third-party charges? | Lender 1 answer | Lender 2 answer |
| Which services on the Loan Estimate can I shop for myself? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Loan Estimate explainer.
Rate lock
What the guides on this site say:
- “Ask how long the process is taking, whether the lock covers it, and whether your first new payment date means you will skip a month.” From A Refinance Readiness Checklist
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Is my interest rate locked yet? If so, on what date does the lock expire? | Lender 1 answer | Lender 2 answer |
| What happens if closing is delayed past the lock date, and is there a cost to extend it? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: What's a rate lock?.
Points and lender credits
What the guides on this site say:
- “Compare paying them in cash, using lender credits or adding them to the loan.” From Refinance Mistakes That Erase the Savings
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Does this quote include discount points or lender credits? | Lender 1 answer | Lender 2 answer |
| What would the same quote look like with no points and no credits? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Discount points and lender credits.
Before you choose
What the guides on this site say:
- “Your current servicer is one option, not the only one.” From Refinance Mistakes That Erase the Savings
- “If you are struggling to pay, contact your servicer about loss mitigation options, which may include a loan modification.” From Refinance Mistakes That Erase the Savings
| Question | Lender 1 | Lender 2 |
|---|---|---|
| What are your individual and company NMLS IDs, so I can look them up? | Lender 1 answer | Lender 2 answer |
| Who will service the loan after closing? | Lender 1 answer | Lender 2 answer |
Questions based on NMLS Consumer Access.
This worksheet is general education. It does not ask for or store any personal information, and it is not an offer or a pre-approval. Compare written Loan Estimates, and verify every lender on NMLS Consumer Access.
Sources
- CFPB: Loan Estimate explainer
- CFPB: What is a prepayment penalty?
- CFPB: What's a rate lock?
- CFPB: Discount points and lender credits
- NMLS Consumer Access