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.
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.
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.
Give your answer to this question below!