Just because you were able to get a mortgage in the past, it isn’t a given that you’ll automatically be eligible for a refinance. First of all, you need to qualify for the new mortgage in much the same way that you originally qualified. For that, the lender will consider your income, assets, debts, value of the property, and the amount you want to borrow. After all of that, you’ll have to see if you actually qualify for the lower rate, which will make or break the whole refinance.
One situation that prevents many people from refinance is owning a house that is “underwater” or has fallen in value and is not worth as much as the homeowner owes on the mortgage. In this situation, many lenders will not agree to a refinance.
Speak with a Licensed Mortgage Specialist to discuss your options. Call toll free # 800-562-6715 or visit us on the web at http://usmortgage.com