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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).
Get Approved Mortgage, Inc. is your online resource for personalized mortgage solutions, fast customized quotes, great rates & service with integrity. We’re here to make the home loan process a whole lot easier, with tools and expertise that will help guide you along the way. We will help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a seasoned investor. Approved Mortgage, Inc. is your online resource for personalized mortgage solutions, fast customized quotes, great rates, & service with integrity.
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