Trying to ReFi...What Questions & Answers Need to be Addressed?
DH & I are hoping to refinance. We were turned down by current lender BOA because of one late payment--and as part of their Making Homes Affordable program, after several months of working with them & nearly guaranteed it would happen. And, yes, we are uspside down, but have been working so hard for the past year to pay down debt, etc. We are looking at other options. We don't want to get caught off-guard again.
What questions & answers do we need to be asking? I'm assuming:
loan to value ratio
What the actual payment will be
What the actual closing costs would be
What questions/answers do we need to be asking ahead of time? What ommissions on their part should we be aware of?
What things did you come across that you wished you knew beforehand?
(I am NOT in the least financial saavy, but I am trying to do my homework & trying to understand what needs to be done)
TIA I look forward to you insight & input.