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Refinance Rates

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Loan Rate APR
30 Year Fixed Rate 3.88% 3.38%
15 Year Fixed Rate 4.06% 3.61%
5/1 Adjustable Rate 2.75% 3.37%
* These rates are averages, and might not apply to you.

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Qualify for Mortgage Refinance Qualify for Mortgage Refinance - How to Qualify for Mortgage Refinancing

Qualifying for mortgage refinance depends strictly on the proposed lender and the existing mortgage contract. Basically, as long as a mortgage is in good standing, the lender in the contract is bound to continue the mortgage. Refinancing the mortgage will at the very least be under the rules of the contract. In other words, if the contract permits a lump sum payment at time of renewal, or if the interest has changed, these factors will be adjusted in the mortgage refinance. Outside of the basics will depend on your situation, and the lender's willingness to accommodate you. As a result, we have listed the most obvious elements you should consider when learning how to qualify for mortgage refinancing.

As a general principle, the mortgage must be in good standing. Admittedly, there are instances where people are forced to refinance when their home is close to foreclosure or in the stages of being foreclosed. Like most investments, lenders exist that thrive on risk and of course, the riskier the investment, the more profit. But, it should also be noted that it is not always easy to find someone to help, so for most people, in order to qualify for mortgage refinance, it requires a clean or almost clean slate, such as payments made on time, no NSF payments, and no arrears.

Additionally, depending on the lender, the reason for the refinance may impact eligibility. For example, if interest rates are higher and thus, monthly payments are increased, a lender may not think that you are capable of making those higher payments. Your debt-to-income ratio, will directly affect how you qualify for mortgage refinance. For some people, staying with an existing lender is the best option.

Furthermore, the number of mortgages on the property will determine eligibility. If a second or third mortgage is being refinanced, it may be more difficult than refinancing a first mortgage. The reason for this is each lender wants to be first in the case of default. So, the more mortgages involved, the riskier the refinance to the lender.

Indeed, there are several other areas which are crucial to most lenders when deciding if their customers qualify for home loan refinance. Usually, the property taxes must be paid and kept current. The lender cannot risk losing the home to the city in the case of outstanding taxes. Likewise, the filing of income taxes may impact the decision. Should a government taxation office take over the home due to believed back taxes, the lender will not be able to sufficiently protect her investment. Lastly, the payer will have to show proof of adequate insurance. And the insurance policy on the home must include the lender's name as one who should receive payment in case the home is destroyed.

Without doubt, this article has been very brief, as many lenders may require other criteria to refinance a mortgage, but generally speaking, these points are the main factors you should know when deciding how to qualify for mortgage refinancing.

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