Google
 
Web www.refinance-refinance.net
« Mortgage Refinancing - Avoiding the High Cost of 30 Year Mortgage Loans
Is Bridging Finance For You? »

Home Loans

Mortgage Refinancing Reduce Your Disqualifying Debts for a Better Mortgage Rate
(presented by www.refinance-refinance.net - mortgage lenders)



By Louie Latour

If you are in the processing of mortgage refinancing, you can improve your interest rate by cleaning up your credit and reducing your debts. Any type of legally enforceable recurring debt may be counted toward your debt ratio; the greater your debts, the more of a risk you are and the higher your mortgage rate will be. Here are several tips to help you minimize your disqualifying debt when mortgage refinancing and qualify for a better interest rate.

(Article continues below)

HOME LOANS ADVERTISEMENT

Mortgage Refinancing: What Debts to Count, What to Leave Out

When calculating your total debt ratio, you lender usually divides your bills into two types. These include installment debt like your car, boat, student loans, and medical bills, and revolving accounts like credit cards or any open credit lines like a department store charge account. Most lenders ignore bills you pay for installment debt that are scheduled to be paid off within 6 or 10 months after the date you apply for mortgage refinancing. If you lease your vehicle those payments will still count against you.

You do get a break on your revolving debt. If you routinely pay several hundred dollars more than the minimum amount due each month, many mortgage lenders only count your payment as five percent of your outstanding balance. When mortgage refinancing you will need to prove your qualifying income, you can also improve your application by documenting your debts. This will help the qualifying ratios your lender uses when evaluating your application for mortgage refinancing. Here are several tips to minimize your disqualifying debt.

I. Consolidate Your Credit Cards

===========================================
For additional Mortgage Refinancing information
and resources visit Mortgage Refinancing.
(http://www.refinance-refinance.net)
===========================================

This entry was posted on Thursday, December 28th, 2006 at 7:10 pm and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

Comments are closed.