What do you want to change?
A lower payment, a shorter term, or access to equity are different goals. Identify the reason for refinancing so you can compare options against it.
What will the change cost?
Review closing costs and the amount financed. A lower monthly payment may come with a longer repayment term or higher total interest costs. Ask for a comparison that accounts for those differences.
How long will you keep the loan?
If refinancing has upfront costs, consider how long it would take potential savings to recover them. Your plans to move or repay the loan affect that calculation.
General educational information. Discuss your specific situation and current program requirements with your loan officer.
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