Refinance Mortgage Interest Rates

Not Every Homeowner In The Market Is In Trouble With Their Mortgage Many Homeowners Are Able To Capitalize On The Current Refinance Mortgage Interest Rates

To many homeowners out there the current refinance mortgage interest rates do not matter because they are not in a situation to refinance. But there are some homeowners in this market that can capitalize on the refinance mortgage interest rate and save them selves tons of money on their monthly mortgage payments. There are few main things that you will have to have to be able to qualify for a refinance and be able to capitalize on the refinance mortgage interest rates.

The main factor that is hurting most homeowners from getting into a lower refinance mortgage interest rates, is the lack of equity in their homes. There are many Americans that are upside down on their homes and owe the banks a larger amount on their mortgage than they can sell the home for. In this situation no lender with refinance your home because if they have to foreclose on you they will lose large amounts of money.

The other main factor that has hurt many American’s from refinancing into lower refinance mortgage interest rates is their credit scores. Most lenders have dramatically increased their minimum credit score requirements for their loans. This is tough for homeowners for two reasons. The first being that in these tough economic times it has become increasingly hard for many homeowners to pay their bills on time which has intern hurt their credit score. Also there are many homeowners who can afford the mortgage refinance rates, and have the equity in their home but they are not able to refinance because their credit score no longer meets the guidelines.

The last factor that is stopping many homeowners from getting them selves better refinance mortgage interest rates is income. It is not that these potential borrowers do not have enough income to make their monthly mortgage payments. It is just that most of the lenders have changed the way you have to show your income to qualify for their loans. First off you are going to have to prove all of your income on your tax returns. This hurts many small business owners who leave the majority of their income in their businesses so that they do not have to pay double tax on it. Also it hurts commissioned based employees that have a large number of tax right offs.

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