Remortgage?
when remortgaging why do they ask about your income?does this go on what you can borrow or afford to remuneration?looking to remortgage for 125k but not sure our house is worth that at the moment as decorating but when complete it will be around 140k,do they value it at what its worth in a minute or what it will be?clueless!
Answers:
Answer to first question: they want to know if your income has changed since the time you get the first mortgage. If your income has gone down, you're more of a risk and they'll want to raise the interest rate (or deny the loan altogether).
Answer to the second press: the lender is going to want a professional appraisal of your property. They'll value your home *before* any improvements are made.
Generally, you can refinance your mortgage for 80% of the appraised value.
If you hold a 30 year mortgage and you're half way through, you already compensated about 70% in interest. If you want to trim down your balance, you can always take home an add'l payment each month lacking refinancing. Source(s): Retired bill collector 35 years.
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Answers:
Answer to first question: they want to know if your income has changed since the time you get the first mortgage. If your income has gone down, you're more of a risk and they'll want to raise the interest rate (or deny the loan altogether).
Answer to the second press: the lender is going to want a professional appraisal of your property. They'll value your home *before* any improvements are made.
Generally, you can refinance your mortgage for 80% of the appraised value.
If you hold a 30 year mortgage and you're half way through, you already compensated about 70% in interest. If you want to trim down your balance, you can always take home an add'l payment each month lacking refinancing. Source(s): Retired bill collector 35 years.
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