Question by uhenio: what are the guide lines one needs to know be for refinancing a mortgage?
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
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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.