Print this page or keep it open while you talk with at least two lenders about FHA loans. It goes with the 5 guides on FHA Refinance Options. Sections are ordered by how often those guides discuss each topic, and each one quotes what the guides say about it. Write each lender's answer in its column, then compare. Nothing here is collected or sent; the boxes are for pen and paper.
Read before you call
One point from each guide on this site, so you can follow what each lender tells you.
- “It must produce a net tangible benefit, such as a lower combined rate and mortgage insurance, or a move from adjustable to fixed.” From FHA Refinance Options Compared
- “With enough equity, refinancing to a conventional loan can eliminate mortgage insurance.” From Removing FHA Mortgage Insurance
- “A rate-and-term refinance replaces your current loan with a new FHA loan, without taking significant cash out.” From FHA Rate-and-Term Refinance: The Full-Underwriting Option
- “For many FHA loans with case numbers assigned since June 2013, annual MIP lasts for the life of the loan when the original loan-to-value exceeded 90 percent.” From FHA to Conventional: Ending Mortgage Insurance by Refinancing
- “The upfront mortgage insurance premium is charged at closing and is usually financed.” From FHA Refinance Glossary: Terms You Will See
Questions from this site's guides
| Question | Lender 1 | Lender 2 |
|---|---|---|
| When was my FHA case number assigned? | Lender 1 answer | Lender 2 answer |
| Does my MIP have a cancellation date? | Lender 1 answer | Lender 2 answer |
| How much equity do I have now? | Lender 1 answer | Lender 2 answer |
| Would a conventional refinance remove mortgage insurance? | Lender 1 answer | Lender 2 answer |
| What would it cost? | Lender 1 answer | Lender 2 answer |
From the checklist on this site.
FHA loan questions
What the guides on this site say:
- “Useful when you want to change the term, add or remove a borrower, or move a conventional loan to FHA.” From FHA Refinance Options Compared
- “Lets owner-occupants take equity out, subject to FHA’s maximum loan-to-value and occupancy rules.” From FHA Refinance Options Compared
- “Appraisal Cash out Streamline Yes Often not No Rate-and-term No Yes No Cash-out No Yes Yes” From FHA Refinance Options Compared
| Question | Lender 1 | Lender 2 |
|---|---|---|
| How will the upfront and annual FHA mortgage insurance premiums appear on my Loan Estimate? | Lender 1 answer | Lender 2 answer |
| How long will the annual premium last on this loan? | Lender 1 answer | Lender 2 answer |
| Do you add your own requirements on top of FHA's rules? | Lender 1 answer | Lender 2 answer |
| If this is a streamline refinance, what benefit will the new loan give me? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: FHA loans.
Your Loan Estimate
What the guides on this site say:
- “Compare closing costs against the premiums you would save.” From Removing FHA Mortgage Insurance
- “Closing costs may be included within program limits, based on the new appraised value.” From FHA Rate-and-Term Refinance: The Full-Underwriting Option
- “Weigh closing costs against monthly MIP savings to estimate a break-even point.” From FHA to Conventional: Ending Mortgage Insurance by Refinancing
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Can you send me an official Loan Estimate for this exact scenario? | Lender 1 answer | Lender 2 answer |
| Which fees in the Loan Costs section are your own charges, and which are third-party charges? | Lender 1 answer | Lender 2 answer |
| Which services on the Loan Estimate can I shop for myself? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Loan Estimate explainer.
Loan features
What the guides on this site say:
- “When refinancing an FHA loan, FHA expects a net tangible benefit, typically a reduction in the combined rate and MIP or a move from adjustable to fixed.” From FHA Rate-and-Term Refinance: The Full-Underwriting Option
- “For streamline refinances, HUD requires that the new loan provide a measurable benefit, such as a reduced combined rate or a move from an adjustable to a fixed rate.” From FHA Refinance Glossary: Terms You Will See
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Does this loan have a prepayment penalty? | Lender 1 answer | Lender 2 answer |
| Can the interest rate or monthly payment change after closing? If so, when and how? | Lender 1 answer | Lender 2 answer |
| Will I have an escrow account for property taxes and insurance? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: What is a prepayment penalty?.
Rate lock
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Is my interest rate locked yet? If so, on what date does the lock expire? | Lender 1 answer | Lender 2 answer |
| What happens if closing is delayed past the lock date, and is there a cost to extend it? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: What's a rate lock?.
Points and lender credits
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Does this quote include discount points or lender credits? | Lender 1 answer | Lender 2 answer |
| What would the same quote look like with no points and no credits? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Discount points and lender credits.
Before you choose
What the guides on this site say:
- “Your servicer can tell you the MIP cancellation date, if any.” From Removing FHA Mortgage Insurance
- “Your closing documents or servicer can tell you the FHA case number assignment date, which controls the MIP rules for your loan.” From Removing FHA Mortgage Insurance
| Question | Lender 1 | Lender 2 |
|---|---|---|
| What are your individual and company NMLS IDs, so I can look them up? | Lender 1 answer | Lender 2 answer |
| Who will service the loan after closing? | Lender 1 answer | Lender 2 answer |
Questions based on NMLS Consumer Access.
This worksheet is general education. It does not ask for or store any personal information, and it is not an offer or a pre-approval. Compare written Loan Estimates, and verify every lender on NMLS Consumer Access.
Sources
- CFPB: FHA loans
- CFPB: Loan Estimate explainer
- CFPB: What is a prepayment penalty?
- CFPB: What's a rate lock?
- CFPB: Discount points and lender credits
- NMLS Consumer Access