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100% Mortgage Refinancing - How To Get Approved
100% mortgage refinancing allows you to borrow against your
equity, while hopefully lowering your interest rates. To get
approved for a cash out refinance, you need to have excellent
credit. Otherwise, you need to work with a sub-prime lender or
apply for a line of credit.
What 100% Refinanced Mortgage Can Do
A 100% refinanced mortgage can allow you to take out all of your
home's equity. Anytime you cash out part of your equity, your
refinance rates will increase. But rates will be lower than if
you take out a second mortgage.
However, with no equity, you will need to carry private mortgage
insurance. But if you choose a sub-prime lender, you don't have
to worry about paying premiums.
Improving Your Application
Lenders are primarily concerned that you can repay the loan.
Without equity, lenders look at other factors, such as income,
cash assets, and credit history. Income is important when it is
compared to your debt ratio. Other debts, including credit cards
and student loans, decreases your borrowing power. So if
possible eliminate or reduce your debt.
In the case of job loss or other financial emergencies, lenders
want some reassurance that you can handle monthly payments. That
is why cash assets, which also include CDs and money market
accounts, are important. Six months of savings is a good start.
Your credit history predicts how likely you are to skip
payments. But even if you don't have perfect credit, you can
find 100% financing with a sub-prime lender. They will also be
more lenient with your application, but charge slightly higher
rates.
Getting Better Terms
Be prepared to pay at least 3% at the time of closing for your
refinancing. Otherwise, those cost will be rolled into your new
mortgage and you will be paying additional interest on that
money.
You will also want to research loan offers before making a final
decision. By researching loans, you can know you are getting the
best deal. Don't just focus on rates; take a look at closing
costs as well. Remember too that you may find a better deal by
taking out a second mortgage to access your equity.
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