Refinance Qualifications

Refinance QualificationsDo You Meet The Minimum Refinance Qualifications?

Refinancing can be a great financial decision if you’ve been paying off your mortgage for a while and can acquire a better rate and term. Refinancing can enable you to make fewer, larger payments or more, smaller payments, depending on your individual fiscal needs. Refinancing is not for everyone, though. It is important to make sure that you meet refinance qualifications.

What Do I Need To Refinance Successfully?

A successful home mortgage refinance plan is contingent upon several things:

  • A completed application– You have to be in it to win it. Your application should include your residence history, income and asset information, and any other information that would impact your ability to pay the new mortgage, including child support and alimony. Full disclosure on a refinancing application is absolutely essential.
  • Good credit– While you may be able to refinance your mortgage, in order to do so successfully you need to make sure you have good credit. Having a solid Equifax, Trans Union or Experian score will allow you to compete for a better interest rate on your terms.
  • Employment— You should ensure that you have adequate proof of employment or substantial assets to show your refinance lender your ability to pay off your debt credibly and reliably.
  • Knowledge– Know what you are talking about when you go to talk to a refinance lender. You want to be knowledgeable and confident when reviewing your refinance qualifications with a potential lender. Research in advance can pay off– literally.

There are many factors to consider when deciding whether or not you should refinance your home mortgage. For more information, or to talk to one of our knowledgeable representatives, contact us today.

The Paramount Pledge™ – Triple Protection

The Paramount Pledge. It is our promise to you that we’ll provide the best rates, won’t charge you an application fee to lock in a rate and will ensure we can close and lock in a rate at the terms we provide.

No Application Fee – Other lenders charge hundreds of dollars to start the loan process with you. Paramount Equity Mortgage® will never ask you to pay an application fee just to lock in your rate.
Better Rate Warranty – After you complete a loan with us, we will cover most of the cost to refinance or purchase within the next seven years, for any reason.
Set & Secure Closing Guarantee™* – Once we receive all required borrower information, your signed disclosure and lock your loan, we guarantee we can close your loan at the rate and terms we provided. If we can’t, we will pay you $500.
* The Set & Secure Closing Guarantee is not valid in the event that there is an unforeseen change such as, an appraisal coming in under value, undisclosed debt at the time the loan was pre-qualified, a change in income due to loss of job or change in employment, etc. This guarantee is also not valid in the event that you withdraw your application or request a change to the terms of your loan. A change in terms would consist of, but is not limited to, a change in loan amount, fixed vs. adjustable rate, number of years the loan is amortized, adding/removing a borrower, etc.