Do You Qualify for Refinancing?
Ask yourself these three questions to ensure you are ready. For those homeowners who may be interested in refinancing, you may or may not be ready to jump in. Lenders have developed stricter criteria in the wake of the recession. Here are some of the questions you'll need to ask to be an attractive candidate for a refinancing opportunity. 1. Are you a 20 percent stakeholder? The lenders would ideally like to see that you've got skin in the game — meaning, they want you to own at least 20 percent of the equity in the house. How do you know whether or not you have that level of equity? Find out the answer here .