Abogados de Inmigracion

When will it adjust next? How high can your loan go? How many years left on your loan do you have at the current interest rate? What is the interest rate you're paying? How good is your credit? What is your credit score? What interest rate will you qualify for (this speaks directly to your credit score)? How long will you keep this loan? How much home equity do you have? In other words, what will the debt-to-value ratio be for this property?

Let's start with credit. With the current mortgage mess, lenders have raised the minimum credit score you need to get a Grade A or Grade A- loan. If you previously need a 720 on your FICO credit score to get a great rate, you now need 760 or even 780.

You also need to have some equity in the property in order to refinance. In some places, homes have fallen in value. If that's the case in your neighborhood and you bought the property with a 100 percent loan two years ago, you may not have enough equity in the property to refinance. So unless you're prepared to come to the closing with a check, you may not be able to refinance.