Question by uhenio: what are the guide lines one needs to know be for refinancing a mortgage?
Best answer:
Answer by muneepenee
1. yu want now % interest on morgage < % yu pae now
2. Yu gotta hav equity in the hous
3. Yu gotta be abel tu pae on NE nu lone yu get
Add your own answer in the comments!
The lending guidelines will be
Your job history
Your credit history
Your track record of saving money.
The guidelines for a borrower used to be that you would refinance if the new interest rate is 2% less than the current rate. That was because the refi cost $ 3,000. Now we have people refi for a 1/2 % saving if the new loan costs them no money at closing..
You can refer to this article http://www.iloanshop.com/a_few_mortgage_refinancing_tips_for_desperate_homeowners.php
which can give you detailed information about mortgage refinancing. There are other more related articles which you can help you.