3 Key Questions to ask before Refinancing Your Home in Columbus If there’s one thing that has remained consistent throughout the COVID-19 pandemic, it’s that homeowner in the US are refinancing their homes in record numbers. While this is more tempting than it has been in past decades, it’s imperative that you do plenty of research and answer the 3 following questions: How do you qualify for refinancing? Every lender has their own requirements that need to be met in order to qualify for home refinancing. These include: Credit score – the number that represents your credit and loan managing experience DTI or debt-to-income ratio – the amount of your money that goes towards your basic and recurring expenses Home equity – percentage of home loan principal that has been paid off What is the reason for refinancing? In most cases, people refinance their homes for one of three reasons: To acquire funds for home renovations To lower their monthly payment To lower their interest rate Are your reasons for refinancing attainable? If the objective is to acquire funds for renovations, you must have sufficient equity in your home. If it’s to lower your monthly payment, you should plan on living in your home for a while. If you want to pay less interest, be sure your long-term savings will justify a larger monthly payment. Liberty Capital Services LLC 438 E Wilson Bridge Rd #106, Columbus, OH 43085 https://maps.google.com/?cid=14294939209836226766