Are You Refinancing A Home?

Refinancing a home can be a confusing proposition for many homeowners. At ABLEnding, Inc. we aim to simplify the process and educate our customers on their financial options. When you refinance your home, you are taking out a new loan with new loan terms. You may be considering refinancing to lower your payments, shorten your loan term or amortization. You may also want to fix your rate from an adjustable rate. Some people also want to get cash out for purposes like debt consolidation, home improvements, or tuition.

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Most people have uncertainty about the refinancing process. However, refinancing is quite simple and generally only takes a few weeks. The process requires documentation showing income, assets, and potentially other items .  This process also requires  an appraisal of the home in most cases.

Factors To Consider

There are three major factors considered when deciding if you qualify to refinance: equity, income, and credit score. Equity is the difference between the appraised value of your home and the total dollar amount of the liens you have secured against your home. The more equity you have, the better!  Your income determines your debt ratio. This is the total amount of your outgoing monthly debt divided by your total gross monthly income. A lower debt ratio makes qualifying easier.

Your credit score also helps to determine your ability to repay the loan. You do this by considering your current and prior credit history of paying back your loans. A higher credit score suggests you will be able to repay your loans. This also helps you to qualify for a better interest rate.

So, do you want to refinance your home? Please contact ABLEnding, Inc. for a free consultation. We would be honored to help you consider your options and also assist you in getting the best rates.  Get a quote now!