Do 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.