4 steps to refinance your Brevard MLS mortgage
Now you need to determine if you will qualify for a refi. Here are the questions you need to answer:
How much do you owe on your Brevard MLS primary mortgage?
How much is your Brevard MLS Home currently worth?
As a rule, Brevard MLS homeowners need an 80-percent loan-to-value ratio, or LTV ratio, to
qualify for a refinance. However, new government assistance for homeowners has changed that. The new
Making Home Affordable refinance program enables homeowners with a conforming loan owned by Fannie
Mae or Freddie Mac to have an LTV ratio of up to 125 percent. To qualify for an FHA-insured loan,
you'll need a loan-to-value ratio of up to 97 percent. Veterans may be eligible for up to
100-percent LTV. See all of Bankrate's stories on refinancing.
Owe too much more than the Brevard MLS house is worth? You're out of luck.
What is your credit score? A score of 740 and higher will net you the best rates and lowest fees.
Credit scores of 680 and up will qualify you, but the terms won't be as attractive.
3. What documents do you need?
Here is the information you should have in order to refinance your home.
Proof of income -- the last few pay stubs.
Monthly debt load -- current mortgage, home equity loan, credit cards, auto loan, etc.
Savings -- current bank and brokerage statements.
Income tax returns, W-2 forms.
Credit score and credit reports
4. What additional costs are there?
A refinance is a new mortgage, so you'll most likely have to pay all of the same closing costs you
did the first time you financed the property.