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Cash-in Can pay a lot of money at once No-closing-cost Can make higher monthly payments Streamline Have an FHA, VA, or USDA mortgage FMERR or HIRO Have a conventional mortgage 1. Rate-and-term refinance A rate-and-term refinance is probably what you think of as a regular refinance. You replace your original mortgage with a new one with different terms. Your interest rate and monthly payments will change, and you ll probably refinance into a new term length. Conventional, FHA, VA, and USDA mortgages are eligible for rate-and-term refinancing. You ll need a certain credit score, debt-to-income ratio, and amount of equity in your home â but the exact requirements will depend on which type of mortgage you have. ....
Who is eligible? Not everyone qualifies for a regular rate-and-term refinance. You ll need to meet the following criteria: Home equity. Many lenders want you to have at least 20% equity in your home. Credit score. The minimum credit score will depend on which type of mortgage you are refinancing. A conventional mortgage requires at least a 620 score. Debt-to-income ratio. The DTI ratio you ll need also depends on which type of mortgage you have. Most lenders will be happy if your ratio is 36% or lower. There s some flexibility with these requirements. For example, a lender may approve you to refinance with a higher DTI ratio if you have an excellent credit score or more than 20% equity. ....