Q. Which Mortgage type is betterr, a fixed or adjustable rate?

A. Ask your loan broker or lender to give you all of the available options. A fixed rate mortgage stays the same for the entire length of the loan, while the interest rate of an adjustable rate for Mortgage Refinance changes with the market over time. Although an adjustable rate mortgage might offer lower payments to start with, if rates go up, your payment will, too. Make sure that you always consider the worst case scenario.

Q. Where can I find the best interest rate?

A. SunRefinance.com will help you get a no-obligation quote from up to 4 financial professionals in our network so that you can compare and take the offer that is best for your unique situation.

Q. I have a first and a second mortgage. Can I refinance both?

A. If you’re paying high interest on a second mortgage, consider combining it with your new loan when you refinance your mortgage. Joining both loans might give you an overall lower interest rate, and could save you a lot of money over the course of the loan.

Q. What is a prepayment penalty? bharat

A. Some lenders include a prepayment penalty, a fee for early pay-off, in their mortgage loan terms. Make sure to bring up this issue directly with your loan officer or bank, as some lenders will charge a considerable fee for early loan payoff.

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