• Will you charge an application fee? This can vary drastically from lender to lender, and in some cases fees are negotiable.

• What happens if I pay off my loan early? Some lenders will include a pre-payment penalty in their contract, actually penalizing you for paying off your loan early. If one is included in yours, try to negotiate around it, or look for another lender.

• Can I lock in my rate? Be sure to ask specifics about this. Will it be possible to lock in a rate at application stage, or will you have to wait until you’ve been approved? After you’ve locked it in, how long is it good for?

• Will I be assigned a person that I should call with questions? It is vital that one person is familiar with your application and loan documents so you don’t have to explain yourself every time you call with a question.

• How long will it take you to approve a loan? With Internet and other modern advances, there should no reason that a lender can’t process your loan in a jiffy. If a lender appears to be slow, you should take it as a red flag.

The best way to find a good lender is to use a home mortgage loan company online that will give you multiple offers from different lenders. You want to let lenders compete over your business.

A lending institution must provide you with a written statement of terms and costs of refinancing your mortgage. This statement will inform you of amount of loan, interest rate, payment schedules, and charges related to loan. You will have right to cancel loan and receive a refund of monies paid within three days of signing your contract.

You may be able to get a loan up to 125% of value of your home. This would mean an increase in your monthly payments, depending on interest rate you receive, and extra cash you get can be used for any purpose you see fit. This is an excellent option for those wanting to pay off credit cards, student loans, or make improvements to home. By comparing lenders and loan packages, you can potentially save thousands of dollars in interest and possibly get extra cash you need.

Today's low interest rates and competitive lending industry give homeowners many choices in refinancing or purchasing a home. You can save money each month and over entire length of your loan by comparing lenders and products they offer.