Things To Consider Before You Refinance Your Mortgage

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Things To Consider Before Refinancing Your
Mortgage
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Introduction

• Refinancing your mortgage has the potential to
  lower interest rates, reduce your monthly
  payments, and access your home equity for funds.

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• Current Mortgage Rates
• Before you start your application, please check
  your current mortgage rate compared to your
  existing mortgage. If reducing your interest rate
  monthly payments are your top priorities, start
  your application early rather than later.

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• Your Credit Score
• Check your credit score to see if you can get a
  better deal on your next loan. The interest rate
  for refinancing your mortgage primarily depends
  on your credit history, existing debt, and
  current income.

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• Debt-to-Income Ratio
• The debt to income ratio (the amount of your
  total monthly income used to pay off debt) is a
  key factor in determining your mortgage
  eligibility.
• Mortgage Insurance
• But depending on how much your home has risen in
  value and how much you've paid off your current
  loan, refinancing can remove mortgage insurance
  from your monthly payments, saving you thousands.

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• Your Homes Equity
• If you are looking to increase your net worth
  through cash refinancing, your home's value is an
  important indicator of your eligibility and how
  much you can withdraw. The more equity you have,
  the more options you have to refinance or get
  home equity loans.

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