what does it take to refi !

[Anonymous]

Hello, does anybody know what it takes now to refi .I have been through so many lender its rediculous.Does anybody out there know where I can get a deal with a 645 fico.no lates on mortage and one high balance credit card I do plan on paying if off in a couple of months. or should i wait until the card is paid down and the fico goes up.

[ShanetheMortgageMan]

A little more info is needed to determine what type of options you'd have.

First, why have you been through so many lenders without an approval?  What did they all tell you the reason was for not getting approved?

How much is owed on the home and how much would the home appraise for?  This is important because it would determine your loan-to-value (LTV).

How much income do you make and what are your minimum monthly payments on credit cards, student loans, auto loans, etc.?  This would be important in calculating your debt to income ratio.

Do you have any reserves/assets (401k, IRA, savings/checking, mutual funds, stocks, etc.)?  Those can compensate for any parts of your 'borrowing profile' that aren't up to snuff.