When you're looking to refinance the mortgage on your home, you’ll have to provide certain financial information to your mortgage loan originator in order to qualify. Here's what you'll have to supply no matter where you go for a refi.
Some information you need when applying for a mortgage refinance include:
Details on Your Existing Mortgage—and Other Loans
You should provide detailed information about your current mortgage, such as how much you’re paying each month, and if you’ve been paying on time. Your mortgage company will also want to know if you've taken out a small business loan or a car loan, for example, and what your debt obligations are. The lender will look at your total debt and your income to calculate your debt-to-income ratio so it can determine if you'll be able to refinance your mortgage in a timely fashion through the savings you'll get from reducing your monthly payments.
Don’t Panic If You Don't Qualify at First
Sometimes people don’t qualify for a home mortgage refinance the first time around. If this happens to you, don't despair. You can take steps to increase your chances the next time. Working with a good mortgage loan originator is especially helpful. For example, if your credit score isn’t high enough to qualify, a knowledgeable mortgage loan originator can highlight some of the most common factors that adversely affect credit scores and tell you what you need to do to improve them the second time around. You may be surprised how easy it is to turn your situation around.
Interested in refinancing in New York? Read about some important qualities of a New York mortgage lender before committing to one. You may also want to look into what a CEMA mortgage is as well.