Question by Kimberly: How does refinancing a mortgage work?
Our mortgage is not up for renewal in March but that is when we plan on refinancing our mortgage along with 1 other large debt. Because we will be cleared of bankruptcy in our history in March, we are working hard to better our credit too. What are some of the factors creditors consider when doing a refinancing?
Answer by Landlord
I doubt your credit is high enough. Basically it is the same as when you bought the house, you need the same documents. However, you can only refi to 80% of the appraised value of the property.
Know better? Leave your own answer in the comments!