Can I Refinance?

Thought you might be interested in an article Can I Refinance? and thought I’d share a few points with you here. I’ve found some relevant information here so if I find more, I’ll be sure to pass it on.

Can you Qualify for a Refinance?

Before applying to refinance, it’s a good idea to figure out whether or not you might qualify for the loan. If not, you’ll know sooner than later and you can start fixing any problems.

To qualify for a home loan, you need the following:

• Decent credit
• Sufficient income
• Sufficient equity in the home

Challenges Refinancing

If you find that you can’t refinance because lenders don’t like your credit, income, or loan to value ratios, try to find a solution. If your credit or income is to blame, consider using a co-signer to qualify for the loan. That person can make lenders more confident about getting repaid.

If your co-signer has strong credit, approval is even more likely.

If you can’t refinance because you don’t have sufficient equity (or your home is under water), investigate government programs. There are several refinance program designed for homeowners who have fallen on hard times. You can only refinance through these programs if you meet certain criteria, but it’s always worth a try.

If you want to keep reading with any of that content, by all means, click here. Please feel free to contact me on (0403) 296-221 or email at [email protected] for any thoughts and perspectives.

Thanks,

Tammie