When new clients and referrals ask me for an interest quote, I have a quick series of questions that I ask them. If you’re seeking a quote, you’ll get the same from me, so I wanted to list them here:
- What is the current loan balance, interest rate and monthly payment on your existing loan? What kind of loan product are you in (5/1 ARM, Interest-Only loan, NegAm…)?
- Do you have a 2nd mortgage, and if so, what are the details?
- Do you know your FICO score?
- Can we document your income; do you have a stable and consistent employment history?
- What is the approximate value of your home?
- What are your goals for this home? Do you plan on living in it or owning it for a long time?
By answering these questions, I can give you a cost/benefit analysis of what refinancing will look like and whether it makes sense or not. We can do a comparison of your existing loan versus a potential new loan and what this means to you financially and cost-wise. Let me know if you’d like me to run the numbers. And if it doesn’t work out now, you’ll be on my “Watch List” (see http://loansbyirene.wordpress.com/2008/08/12/my-watch-list/) so that if the opportunity does come up, I will contact you.
