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Homebuyers Beware: Who’s Ripping You Off Now?—What You Must Know About the New Rules of Mortgage and Credit by Carolyn Warren

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21. Ten Things You Must Know Before You Refinance

Just for fun, see how you do on these ten True or False questions. Or, if you dislike quizzes, skip ahead and read through the answers, where you’ll find important information every homeowner needs to know before refinancing.

Test Your Refinance I.Q.

T F  1. When you refinance, you are starting over with a new loan.

T F  2. In deciding whether or not to refinance, make your decision based on how much money you will be saving each month.

T F  3. Consolidating all non-tax-deductible debt (auto loan, credit cards) by refinancing them into your mortgage is a good financial strategy.

T F  4. When refinancing to lower your rate and payments, it’s best to pay zero points (zero Origination Fee, zero ...

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