Why Refinance?
Mortgage Home Purchase Loans Simplified!
Refinancing is the process of paying off your existing mortgage with a new mortgage. Typically you refinance your mortgage to reduce your interest rate and monthly payment or to change the length or term of your mortgage. You may also refinance to take cash out from your home’s equity. Refinancing could save you a considerable amount of money over the life of your loan and potentially improve your overall financial outlook.
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Do I Qualify?
To qualify for a mortgage, lenders typically require that you have a debt-to-income ratio of “28/36.” This means that no more than 28% of your total monthly income (from all sources, before taxes) can go toward housing, and no more than 36% of your monthly income can go toward your total monthly debt (including your mortgage payment).