Prepare to Refinance in Six Steps
Posted by NewBuyer on December 8, 2009 | No Comments
A clear look at the preparation needed to successfully refinance your home loan. The six steps provided include reviewing your current mortgage, checking your credit score and credit rating, verifying your debt-to-income ratio, re-evaluating your loan options in terms of adjustable-rate loans and fixed-rate loans, shopping around for the best deal on your loan, and confirming you can afford your new loan. From the resource about your debt-to-income ratio: “Along with credit score, debt-to-income ratio is another qualifying factor lenders use. Generally speaking, you should spend no more than 36 percent of your gross (pre-tax and withholdings) income on housing and recurring debt like car payments and other loans.”
Source: GetSmart
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