There are many people that need help when it comes to financing things, most notably when someone buys a house as it is typically more money than people are able to save up.
Financing the first time can be nerve wracking for many but when it comes time for refinancing, it can be just as difficult.
Just like when you got your original mortgage, it’s important to ask questions. This is especially true if you are looking to get your financing from somewhere else. There are items that you need to ask about so that you are not caught unaware if they happen to you. You should be asking about what the interest rate it, what penalties are if you have to skip a payment, and what type of fee you may encounter if you have to sell your home and you do not purchase a new one. It is a good idea to ask about penalties if you put down a lump sum payment at some point or want to make an extra payment.