If you’ve given thought to refinancing your mortgage, Ray Silvestri Mortgage Broker of Mortgage Architects in Burlington provides the following information to help you determine whether.

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Rate Refinance: You can change the interest rate on your loan when you refinance. If you can get a lower rate now than when you first took out the mortgage, you might wish to refinance. Term Refinance: If you want to lower your mortgage payments, you can refinance for a longer term. Let’s say you have 25 years left on your mortgage.

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The Problem: Not Enough Income; Too Much Debt. A borrower’s DTI ratio is one of the things lenders look into first during the initial process of mortgage refinancing. A DTI ratio or debt-to-income ratio tells the lender if you will have the income to pay the loan. The typical max for DTI is 38 percent and anything higher might result in the denial of an application.

When you’re thinking about your mortgage options, it’s important to understand the difference between conventional loans and government-backed loans.. Check with your lender to see what the conforming loan limits are for your area.. Your first step in qualifying for a conventional loan is to sit down with a lender. If you’re in the.

The total debt of your household should also fall under the 40% threshold when refinancing a mortgage. Do you have liens or a second mortgage? When you refinance, the new loan is used to pay off your first and initial mortgage. If you have liens on your mortgage or a second mortgage, refinancing can be challenging.

I f you’re thinking about mortgage refinancing to take advantage of today’s best refinance rates there’s more to think about than just interest rates and fees. There is a hidden cost of refinancing that brokers rarely talk about that takes a large toll on your finances. Here are several of my best tips before you refi to help you avoid paying too much for your mortgage refi.

But obviously, it’s got to check a lot of boxes for us; we have size; we have scale; I first. on the mortgage side alone, it was 70-30 market in favor of refinance the purchase and not it’s.