Posted by Blaine on January 29, 2002 at 01:53:07:
They do everything all over again from the beginning. They will look at everything and reappraise the house along with looking at your payments and the current income. There will also be closing fees involved but, you can have them rolled back into the new loan.
Smile, you’re about to get reamed again.
Blaine - Las Vegas, NV
Do you have to have a good income to refinance? - Posted by DN in SF
Posted by DN in SF on January 29, 2002 at 01:22:38:
What qualifications must a person meet to refinance his or her own home?
DN
Re: Do you have to have a good income to refinance - Posted by TomC (Md)
Posted by TomC (Md) on January 29, 2002 at 11:16:23:
It depends on if you use a new lender or refi through the current lender. I refi’ed my house this past summer, and used the existing lender.
Since I had an established payment history on the loan for about 14 months and the new payment would be $250/mo less, they asked for NOTHING except for a new appraisal. No pay stubs, no tax returns, NOTHING else.
What was most important was my payment history.
TomC