There are many factors which influence a homeowner’s eligibility for a refinance of their home mortgage some of the most important ones are:

  • A debt to income ratio of 38% or less, a calculation that takes into account your income, housing cost and other debts. A lender is the best person to determine this important number for you. Too much debt, consider paying down your bills before applying
  • Your home’s current value, most lenders will only consider a refinance if the LTV is 80% or less. There are government programs that are part of the Making Home Affordable Program for distressed real estate.
  • FICO score, though at this point it is difficult to say what score will disqualify you, the payment of your bills on time is what they are looking for.

The answer to the question, Can I get a Mortgage Refinance? is in the factors mentioned above. So, how to get a mortgage refinance begins by knowing that information and then determining where you want to go for refinancing. Many people begin with their current mortgage servicer since they have had a relationship with them and they presumably have much of the original paperwork, though this may not reduce the documentation required for the refinance it may help.

Of course the final factor to consider is whether it makes sense. Will you be able to get a lower interest rate which will not only lower your monthly costs but also the cost over the lifetime of the mortgage? Will a refinance allow you to make the same payment but shorten the term of your mortgage going from a 30 year to a 20 for instance? Will refinancing allow you go away from an Adjustable Rate Mortgage and into a fixed mortgage? Since refinances often involve significant fees and charges it’s important to make sure that a refinance makes sense in your situation. For example, if  a refinance means that you must plow all the costs fro the refinance back into the mortgage how much will your actual savings be?

If you’re sure you want to pursue a refinance why not begin right here at LoanexFastCash.com. We have the contact with mortgage professionals who can ease you through the whole process. It’s simple, online and the service is second to none!