0
Over the past few years, the poor economy has led to the federal government cutting key interest rates to the lowest point ever. While this has limited the rates on can receive in zero risk savings accounts, it has also pushed down mortgagee rates. Due to low rates, mortgage refinancing makes more sense now than ever before. While it would be a great idea to refinance a mortgage, the credit crunch has made it quite difficult. To qualify for mortgage refinancing, there are several financial based factors that you must meet.
The first financial factor that you must meet to qualify for mortgage refinancing is a good credit score. Your credit score is a barometer of your credit history, and reflects how well you manage credit, and how frequently you were late on payments. Since this a reflection of you well you handle yourself financially, banks will use this as a significant determining factor towards whether or not you will be approved for mortgage refinancing. To qualify for mortgage refinancing, you will need a credit score of at least 680, and 740 to get the best rates.
The second financial factor that you must meet to qualify for mortgage refinancing is how much equity you have in your home. A few years ago, many people received mortgages with up to 105% financing. This coupled with falling home prices, has led to many people having underwater mortgages. To qualify for mortgage refinancing, you will normally need to have positive equity in your home. To get the best rates, and avoid paying private mortgage insurance, you will need to have at least 20% equity.
The third financial factor that you must meet to qualify for mortgage refinancing is your home affordability. In years past, banks would not allow a person to purchase a home if their total housing costs were more than 40% of their monthly gross income. Due to a high rate of default, that guideline has fallen to between 28% and 33%, depending on the lender and mortgage product. So, if you make $10,000 per month gross, your monthly payment may not exceed $3,333.
What else can I help you with?
Where can one find mortgage refinancing in Jacksonville?
Mortgage refinancing in Jacksonville can be done at any local bank. Refinancing can also be done at mortgage refinancing specific places such as Jacksonville Mortgage and American Equity Mortgage.
How can I take advantage of free refinancing options for my mortgage?
To take advantage of free refinancing options for your mortgage, you can start by researching different lenders that offer no-cost refinancing. Compare their terms and rates to find the best option for your situation. Make sure to have a good credit score and a stable income to qualify for these free refinancing options.
When is mortgage refinancing not a good idea?
Mortgage refinancing is not a good idea when you have had your mortgage for a long period of time.
How does one qualify for a FHA Refinancing Loan?
One can qualify for a FHA Refinancing Loan depending on the loan one requires. This will depend on whether one has an existing mortgage and if it is in good standing order, if one has any credit issues and that one is currently employed.
Where can a home mortgage refinancing lender be found?
If someone is interested in home mortgage refinancing, it is important to find a home mortgage refinancing lender. One can be found by going to mortgage calculator websites or mortgage review websites.
Where can you find Mortgage refinancing in Jacksonville?
There are several companies that offer Mortgage refinancing in Jacksonville. Some of these are: Jacksonville Mortgage, American Equity Mortgage, and Florida Mortgage.
Where can one learn more on FHA mortgage refinancing?
There are many websites with information on FHA mortgage refinancing. These places are great for learning about FHA mortgage refinancing, as a person does not have to leave their home to read up on it. FHA, The Mortgage Reports, Zillow, Bank Rate, and NASDAQ all have information on FHA mortgage refinancing.
Are you considering refinancing your mortgage?
Are you thinking about refinancing your home loan?
How can I lower my mortgage through refinancing?
Mortgage refinancing is a good way to lower your mortgage. Refinancing brings your payments down by finding a better loan. Refinancing allows you to have lower monthly payments which will allow you to pay off your loan faster.
Where can I compare mortgage refinancing rates?
Please go to www.bankrate.com/mortgage. There you will be able to compare the mortgage refinancing rates of several different companies.
Where can one find mortgage refinancing calculators?
One can find mortgage refinancing calculators at a website called Realtor. Other websites that one can find mortgage refinancing calculators at include Zillow and CGI.
Are you considering refinancing your house mortgage?
Are you thinking about refinancing your home loan?
