How Much Equity Do
I Need to Refinance?
Generally, the guideline is equity of at least 5% (if refinancing). Plus, steady employment for the past two years, no foreclosures over the past three years, the ability to make payments, and money for a down payment (if new purchase). Providing this information, however, does not guarantee eligibility; each situation is reviewed individually.
Lock in a low payment,
then pay extra. The security of a low mortgage payment and paying a little extra can reduce your debt more quickly. And, you'll save a bundle in interest.