Has anyone refinanced a mortgage lately?

Question by John F: Has anyone refinanced a mortgage lately?
I am curious what equity percentage is required these days for a mortgage refinance or new home purchase. Also, if anyone has refinanced through ING lately, please share your experience.

Best answer:

Answer by landbtrg
I recently went through the process of refinancing, and conventional thresholds are now being enforced if it is a fannie or freddie loan. That means you must meet the requirement of the entity securing the loan.

For example:

With a 28/36 qualifying ratio:

Gross monthly income of $ 3,500 x .28 = $ 980 can be applied to housing
Gross monthly income of $ 3,500 x .36 = $ 1,260 can be applied to recurring debt plus housing expenses

I have never borrowed from ING, I cannot help you there.

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