Mortgage rates are not the only factor when deciding to refinance your mortgage. Each individuals different circumstances are consequential and these 3 things are what you should know before you decide to move forward.
- The first piece of information is to know how much equity is in your home. Yes, homeowners with at least 20% equity will have an easier time qualifying for a new loan but there are programs available that will work for others with lower equity.
- The second is to know what your credit score is. Some consumers may be surprised that even with very good credit, they will not always qualify for the lowest interest rates. Typically, lenders want to see a credit score of 720 or higher in order to qualify for the lowest mortgage interest rates. You may pay higher if your scores are lower but still be able to obtain a great low rate loan.
- Thirdly is to know your debt-to-income ratio. Look into terms, interest rates, and refinancing costs and expenses like whether you’ll have to pay private mortgage insurance to determine whether moving forward on a loan will serve your needs.
The best way to find out if refinancing is right for you is to talk with a mortgage expert today!
John Sauro, Loan Officer
Phone: 1-877-794-5363
Direct Line: 914-764-3261
Email: john@northatlanticmortgage.com
EXCLUSIVE REPORTING - Be the first to know!
Get notifications of breaking mortgage information sent to your email-box.