Are You Eligible To Refinance.
Your lender will consider the following:
- Credit Score
- Other Debts
- The current value of the property
- The amount of money you want to borrow
Do you have a reliable source of income?
- Income can come from various place, such as primary, second, or part-time jobs, overtime, bonuses, and commissions.
- Other sources of income may be acceptable, such as retirement or veteran’s benefits, disability, payments, alimony, child support, and rental or investment income.
Debts and credit history
Do you pay your bills, loans, credit cards and other debts on time?
- Your payment habits are looked over before any decisions regarding loaning money are made.
- Your credit history and credit score will be reviewed as well.
- Check your credit history and correct any problems that you might have before applying for a loan.
Assets and available funds
Do you have enough available funds for a down-payment and closing costs?
- You may use various accounts such as savings accounts, investments, and retirement funds to help pay for a down-payment and closing costs.
- In some cases, you may be able to use gift funds toward closing costs and your down payment.
- You also need to show that you have additional funds in your accounts to cover several months of mortgage, tax, and insurance payments.
What is the market value of the property you want to finance?
- A property appraisal will be issued to make sure the value of your property meets all underwriting requirements.