The refinance boom is on but things are a little different these days. If you refinanced over the past six years or so you will find things have radically changed since the last time you applied.

Although many folks are applying for the refinance, many will not receive them due to multiple factors. In order to refi now you will probably need:

1. A credit score over 660

2. To be current on your mortgage payments.

3. Know the value of your home because if you owe more than current market value-no refi.

4. Stricter lending rules on the home and the buyer may prevent the refi.

5. Loan qualifications have changed to the old 1980 requirements. An owner must have two years of employment history documented. Forget any stated income loans-they are gone!

 For some serious education on credit scores, visit . Understanding how your credit scores affect not only buying a home but purchasing a car, getting a credit card and other credit information can be found on this site! 

If you need help in determining the value of your home before you attempt to refinance on Mt. Hood, give me a call or shoot me an email!