If you’ve been avoiding your mortgage refinance because you’re afraid your application will be denied, here’s some good news just for you. You are qualified and yes, your mortgage refinance can be approved. Here’s an article by Dan Green of TheMortgageReports.com with some good news for anyone concerned that their credit or being underwater is preventing them from taking advantage of today’s low mortgage refinance rates:
Refinance requests accounted for four out of every five loan applications last week, according to the Mortgage Bankers Association, and volume remains heavy nationwide. However, there are plenty of homeowners still sitting on sidelines, scared into thinking they won’t qualify for today’s mortgage rates. As a result, these homeowners never apply for one to find out for certain.
Dan points out that it’s not as difficult to get your mortgage refinance approved as you might think. Remember the rule of thumb when proving income is that your total monthly income needs to be at least double your bills. Even if you’re fully underwater in your mortgage the FHA streamline refinance ignores your loan-to-value ratio completely. As long as you’re making your mortgage payments on time you’re streamline refinance eligible, meaning you can take advantage of today’s low refinance rates.
You can learn more about qualifying for today’s record low mortgage refinance rates without paying unnecessary fees or markup by checking out my free Underground Mortgage Videos.