Refinance Checklist

Know your current loan, read the rate headlines correctly, and run the real math before you refinance.

Scott Gentry

eXp Realty · License# 365010

📞 (910) 477-7615✉️ scott@hamiltonrealtygroupnc.com

📅 Date Completed: ___________________🏠 Property Address: ___________________

📄 KNOW YOUR CURRENT LOAN
✓	TASK	NOTES / DATE
☐	Pull your original note and closing package from your files The note tells you exactly what you signed — fixed, ARM, HELOC, term, rate, reset schedule. Memory is not a substitute.
☐	Identify your loan type in one sentence "I have a 30-year fixed at 4.25% with no reset." If you can't say it that cleanly, you don't fully know your loan yet.
☐	Confirm your rate is fixed or adjustable ⚠️ If it's adjustable, the rate environment today is already shaping your next reset. Don't assume you have more runway than you do.
☐	If adjustable, write down your reset date and rate cap Your cap is the worst-case rate you can legally be moved to. Knowing it now prevents shock later.
☐	Check your most recent mortgage statement for escrow changes A rising total payment often has nothing to do with your rate — escrow recalculates when taxes and insurance move.
☐	Log into your lender portal and confirm your current balance, term remaining, and next due date Basic file hygiene. Most rate-related decisions start here.

📈 READ THE RATE HEADLINE CAREFULLY
✓	TASK	NOTES / DATE
☐	Note which rate the headline is actually quoting Fed funds, 10-year Treasury, and the 30-year mortgage rate are three different numbers. They move together, but not at the same time or by the same amount.
☐	Translate "rates up/down" into your actual file before reacting ⚠️ Headlines are averages. Your rate depends on credit tier, LTV, property type, and program — all of which can eat or amplify the headline.
☐	Resist timing the market Waiting for the perfect rate has cost more buyers more equity than a slightly higher rate ever did.
☐	Track rate changes weekly, not daily Daily moves are noise. Weekly trend lines are signal.
☐	If you're shopping, ask for a rate refresh every two weeks Rate sheets move even on "quiet" weeks. Your pre-approval amount can drift quietly.

🔑 IF YOU'RE BUYING
✓	TASK	NOTES / DATE
☐	Call your loan officer after any meaningful rate move Your approval amount almost certainly changed. Don't tour another house at your old max.
☐	Recalculate your PITI on the top of your price range Tax and insurance estimates should be regional, not boilerplate. Ask your LO to run a true PITI, not a principal-and-interest shortcut.
☐	Reconfirm your DTI at today's rate A one-point rate move can push you past program guidelines without warning.
☐	Ask about rate buydowns from the seller In slower markets, seller-paid buydowns are often easier to negotiate than price reductions — and the effect on your monthly payment can be larger.
☐	Ask about permanent buydowns (points) ⚠️ Points only pay off if you hold the loan long enough to recover the upfront cost. Ask your LO for the break-even in months.
☐	Write offers that account for rate risk in the lock window If your closing is 45+ days out, ask your LO what happens if rates move during that window.

🔒 LOCK DECISIONS AND LOCK FEATURES
✓	TASK	NOTES / DATE
☐	Ask your LO directly whether to lock today or float Specifically. Not "it's up to you." You want their reasoned recommendation.
☐	Ask what lock features your loan includes Float-downs, renegotiations, and extensions are all real features — but most borrowers never hear about them unless they ask.
☐	Get float-down costs in writing ⚠️ A float-down is only as good as its triggering threshold and its fee. Confirm both before you lock.
☐	Know your lock expiration date Lock extensions cost real money — usually a fraction of a rate point per week.
☐	Ask what happens if closing slips past your lock Get the cost in dollars, not generalities. "We'll work it out" is not a number.
☐	Keep your file clean between lock and close No new credit, no big deposits, no job changes. An unclean file can delay close and push you into expensive lock extensions.

🛠️ BUYDOWNS, POINTS, AND COST TOOLS
✓	TASK	NOTES / DATE
☐	Ask your LO to quote you at three rate points: no buydown, 2-1 buydown, permanent buydown Seeing all three side by side makes the trade-off visible.
☐	For each option, ask for the break-even in months The break-even is where the rate savings equal the upfront cost. If you'll sell or refinance before that, the option usually doesn't pay.
☐	Compare buydown cost against seller concessions for closing costs ⚠️ Same seller dollars — different effects on your life. Buydowns lower payment; closing-cost credits lower your cash to close.
☐	Ask about lender credits in exchange for a higher rate Sometimes it makes sense — especially if you expect to refinance within a few years.
☐	Model the monthly payment at the un-bought-down rate For 2-1 buydowns, this is the payment in year three. Make sure you can afford it before you rely on the buydown.

⚠️ IF YOU HAVE AN ARM OR HELOC
✓	TASK	NOTES / DATE
☐	Find your ARM reset date and rate cap The single most important piece of information you don't already have memorized.
☐	Model your payment at the current index plus margin Your loan's real post-reset rate is "index + margin" — not just the index headline.
☐	Pull your HELOC statement and check for rate and minimum payment changes HELOCs reprice fast. Many borrowers only notice when the payment hurts.
☐	Consider whether to pay down HELOC balance or lock it into a fixed second mortgage ⚠️ A variable-rate balance in a rising-rate environment is a standing risk. Ask your LO about conversion options.
☐	Start refinance conversations 6+ months before an ARM reset Waiting until reset lands almost always costs more and leaves fewer options.

💰 REFINANCE MATH
✓	TASK	NOTES / DATE
☐	Get the actual closing costs for your refinance in writing Appraisal, title, underwriting, origination, recording — all real dollars. Round them up for safety, not down.
☐	Calculate your monthly savings at the new rate vs your current rate If the savings number is smaller than you expected, that's the number that matters, not the rate change.
☐	Calculate your break-even in months (closing costs ÷ monthly savings) If you won't be in the loan past break-even, the refinance usually isn't worth it.
☐	Compare against the "do nothing" scenario ⚠️ Keeping a lower existing rate is often the best move even when a refinance looks tempting. Model the counterfactual.
☐	Check if rolling closing costs into the loan is actually helping you or hiding cost Financing closing costs just pushes the break-even further out.
☐	Ask whether a streamline refinance (if FHA/VA) applies to your file Streamlines skip the full underwriting package in some cases. Meaningful time and cost savings — ask specifically.

💬 QUESTIONS TO ASK YOUR LOAN OFFICER
✓	TASK	NOTES / DATE
☐	"What's my actual rate today on my specific file?" Not the advertised rate. Adjusted for credit, LTV, occupancy, and property type.
☐	"What lock features do I have, and what do they cost?" Float-down, extension, renegotiation — get each one in writing.
☐	"Walk me through the refinance math at today's rate." Ask for the break-even calculation with real closing costs.
☐	"What's the trade-off between a 2-1 buydown and a permanent buydown for my file?" Both are real tools. Only one usually makes sense for a given buyer.
☐	"If rates move before close, what are my options?" The answer should be specific, not reassuring.
☐	"If I wait six months to buy, what am I trading in leverage?" ⚠️ Timing the rate costs more than it saves when you factor in price, inventory, and concessions.