Cory Thompson

Mid America Mortgage, Inc.

  • Home
  • About
    • About Cory
    • Accessibility Statement
    • Texas Recovery Fund Notice
  • Blog
  • Mortgage Info
    • First Time Seller Tips
    • First Time Buyer Tips
    • Loan Programs
    • Home Appraisal
    • Loan Checklist
    • Loan Process
    • Mortgage FAQ
    • Mortgage Glossary
    • What to Expect at a Loan Closing: A Step-by-Step Guide
  • Zillow Reviews
  • Pre-Qualify
  • Contact

Cory Thompson April 7, 2022

How To Qualify for Refinancing a House

How To Qualify for Refinancing a HouseIf you want to save money on your mortgage, now might be a great time to refinance. When you refinance your home loan, you replace the existing mortgage with a different one. You can refinance your home to withdraw cash, shorten the term of the loan, or reduce your interest rate. Not everyone can refinance the house, so take a look at a few key rules you need to follow to qualify for a refinance.

Have A Mortgage In Solid Standing

First, your mortgage must be in solid standing with your lender. If you are behind on your mortgage payments, the lender might not let you refinance. Try to stay on top of your monthly mortgage payments. As long as you haven’t owed any late fees or missed any payments entirely, your lender should consider letting you refinance your existing home loan.

Have Enough Equity In Your Home

You also need to have enough equity in your home. A lot of first time homebuyers my only put 3.5 percent down on their house. Even though this makes buying a house more affordable, it does not necessarily mean there’s enough equity for a refinance. If you have 20 percent equity or more in your home, your lender might allow you to refinance. Every lender is different, so be sure to talk to a loan officer about their specific requirements.

Have A High Credit Score

When you go through the refinance process, you are applying for another home loan. Therefore, the traditional rules will still apply. Your credit score must be high enough to qualify for a refinance. You can improve your credit score by collecting and accuracies on your credit report, paying your bills on time, and controlling your debt to income ratio. If you have a solid credit score, your lender should allow you to go through the refinancing process. Remember that you can check your credit score for free once per year.

Refinance And Save Money

These are the basic rules you need to follow if you want to refinance your home loan. Refinancing your home loan can help you save tens of thousands of dollars over the life of your loan. You might even pay off your mortgage more quickly.

Filed Under: Mortgage Tagged With: Mortgage, Mortgage Interest Rate, Refinance

Cory Thompson

Cory Thompson


Mortgage Loan Originator
Mobile 832.347.1855
Office 281.218.0505

NMLS ID 225056

Legend Lending

Connect with Me

Let’s Keep In Touch!

  • This field is for validation purposes and should be left unchanged.

Recent Posts

  • What Every Homebuyer Should Know About How Are Property Taxes Calculated
  • Sweet Loans for Every Taste: Which Mortgage Treat Is Right for You?
  • Is Owner Financing Your Home the Smartest Move?
  • What’s Ahead For Mortgage Rates This Week – May 27th, 2025

Equal Housing Lender

© 2024 Legend Lending Corporation NMLS 229421 | Texas Recovery Fund Notice  | NMLS Consumer Access | Privacy Notice | Legal | Licensing

Our Location


Legend Lending
17047 El Camino Real Ste 150
Houston, TX 77058

Return to top of page

Copyright © 2025 Cory Thompson. All rights reserved.   Log In