Question by im M: what is the best mortgage in order to refinance ?
i have lets bad to ok credit.i tried to do an application with my current mortgage but they told me i couldnt do it because something about percents.and they also told me that if they couldnt get me approved no other mortage could ?? who knows if this is true or not.but i was wondering whats a good mortgage to refinance.my current mortgage is household finance,.
Answer by Reapor-ted!
the percent they were speaking of was either your DTI (debt to income) or your LTV (loan to value) ratio. if either is too high then there’s no point in doing a refi since you really wouldn’t gain any headway from doing it. this coupled with your less than perfect credit is probably why you weren;t approved for the refi. also, were you using a lender or a broker? lenders have very few plans to service you whereas brokers have dozens of different plans to suite you.
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