Many odd facts on mortgage refinancing
The lender will look for evidence that you are responsible and have resources to repay the loan. You will also need to provide proof of the total household income you want held accountable against the loan, as well as your outstanding debt and monthly expenses. The comparison of your debt to income will be evaluated to determine your ability to meet your existing expenses and your projected home loan payment. CREDIT WORTHINESS Before approving you, the lender will evaluate your credit report to determine the likeliness that you will make regular, timely mortgage payments. A history of timely, consistent payments is very important to potential lenders.