what do i need to refinance my home

As a homeowner looking to refinance your home mortgage, expect to provide the same documentation as when you applied for the original loan – only current. The process of refinancing a loan is the same as applying for a loan. The only difference is there is no seller involved.

There are both good and bad reasons to refinance, and they are not just based on interest rates. Find out when refinancing makes the most sense and when it could be a bad move.

Refinancing your home only makes sense when you will recoup the costs of. payments you need to make so that you pay off your refinanced mortgage on the .

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When applying for a home loan refinance, your lender will need proof of income. Lenders want to ensure that you have the financial means to pay off your new mortgage, as well as any other long-term debts (such as car loans) or other living expenses. As a result, borrowers are generally required to submit recent pay stubs from the past 2-3 months.

While the above factors play a role in whether you’ll qualify to refinance your home, lenders do get fairly specific when it comes to how they gauge your income to determine affordability. Since the amount of income you need to qualify for a new mortgage depends on the amount you wish to borrow, lenders typically use something called "debt.

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You might even want to take more cash out of your home. Whatever your reason, here are your options and the steps you need to take in each case. Option 1: Do a Cash-Out Refinance A cash-out refinance.

Refinancing is the process of obtaining a new mortgage in an effort to reduce monthly payments, lower your interest rates, take cash out of your home for large purchases, or change mortgage companies.

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If you’re an SCRA-eligible customer and have questions about the SCRA or about this refinance offer, please discuss with your home lending advisor. Alimony, child support, or separate maintenance income need not be revealed if the Borrower or Co-Borrower does not choose to have it considered for repaying this loan.