subject: CAN YOU PASS THE TEST FOR REFINANCING A MORTGAGE? [print this page] Okay, you've decided to refinance your mortgage. How do you know you will qualify? What does a lender look for from you? Can you pass all the tests? These are questions that cause lots of anxiety with potential refinancing candidates. Let's look at these in more detail. Lenders will normally allow the buyer to cash out at 90% of the value of the house. Monthly mortgage insurance is usually not required on cash out refinance or for any type of VA home refinancing because the government guarantees the loan to the bank so the risk to the bank is eliminated. Lenders will consider the co-signers existing credit. The co-signer essentially vouches for you while you build credit. Lenders are increasingly engaged in risk-based pricing. If properly quantified, the additional credit risk taken when originating high LTV mortgage can be compensated by higher interest rate charged to customers. Lenders and mortgage companies may charge a much higher interest rate or mortgage rate for your secondary mortgage because second mortgages and home equity loans can be a higher risk for them. This is just one of the reasons why it's important to shop around to receive the best mortgage quote you can. Lenders are more comfortable approving a second loan when secured by a piece of property. Because second mortgages are secured by the home and if a person were to default on the payment; the lender may foreclose on the property. Lender want to see that you pay your bills every month on time, as agreed. Second mortgage lenders are always concerned about past bankruptcies, collections and various delinquencies that the credit bureaus are reporting on your credit report. The only snag is the higher rates but when you need the money - who cares about higher interest rates. Lenders charge an administrative fee of about $250 along with an appraisal fee that lies between $300 and $400 for a standard owner occupied single family residence. They also demand fee for obtaining and checking the credit reports. Lenders typically require a 20% down payment to ensure that the borrower would not default on the loan. Hopefully you will pass all these tests, but if you are having trouble take your time. When the time is right, you should know. Dont force the issue. That is the best way to get into trouble and make a big mistake that can cost lots of money. Good luck!
CAN YOU PASS THE TEST FOR REFINANCING A MORTGAGE?
By: Peter Richard Johnson
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