COLUMBUS, Ohio -- Many people have contacted NBC 4 wondering why it's so difficult to refinance their home.
NBC 4's Mikaela Hunt talked to a local mortgage banker to get some answers, and he said it's not as difficult as people might think.
Jeff Lichtenstein advises, before you begin your refinancing research, have the answers to these four questions. It will make finding the right banker/broker easier for you.
1. How much do you owe on your mortgage?
2. What's your current interest rate?
3. What's your monthly payment?
4. What do you think the value is currently on your home?
(if you don't know call your realtor)
Homeowners should look for an FHA lender if at all possible. That's because right now it may be easier to get financing through an FHA loan.
If you don't have 5 percent equity in your house and your credit score is below 700, you won't qualify for a conventional loan refinance.
But you can have a 620 or greater credit score and have less than 5 percent equity, you can qualify for an FHA loan.
But, experts urge homeowners to be aware that FHA will only refinance on a house up to $310,500 and not every lender is an FHA lender.
It's important to ask a lot of questions, before you take no for an answer.
Stay with NBC 4 and refresh nbc4i.com for additional information.
To submit a story idea or news tip, e-mail us at stories@nbc4i.com.
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