Unfortunately, even if you are just looking to lower your interest rate and loan payment your loan request must go through the whole underwriting process.  Therefore most lenders refinance applications are the same forms as a purchase money mortgage application.  A borrower must show (and the lender must verify)

1)  Credit Report -that the borrower has good credit,
2)  Income – that borrower makes enough money to support the loan,
3)  Reserves – some available liquid assets (bank or brokerage accounts) and
4)  Collateral- an appraisal is done to document the home’s value to determine loan how much of a loan the lender is willing to make. 

Post Footer automatically generated by Add Post Footer Plugin for wordpress.