Refinancing is the process of paying off your existing mortgage with a new mortgage. Typically, you refinance your mortgage to reduce your interest rate and monthly payment or change the length (or term) of your mortgage. You may also refinance to take cash out from your home’s equity.
To qualify for a mortgage, lenders typically require that you have a debt-to-income ratio of “31%/50%.” This means that no more than 31% of your total monthly income (from all sources, before taxes) can go toward housing, and no more than 50% of your monthly income can go toward your total monthly debt (including your mortgage payment).
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