What are the eligibility criteria for mortgage refinancing?

The eligibility criteria for mortgage refinancing with EMC Mortgage are based on various factors. Firstly, applicants must have an existing mortgage with EMC Mortgage. Secondly, they must have a good credit score to demonstrate their financial responsibility. A credit score of 620 or higher is typically required. Additionally, applicants must have a stable income and sufficient documentation to support it, such as bank statements, pay stubs, and tax returns. It is also crucial that the property being refinanced meets certain criteria, including being the applicant's primary residence or an investment property. Additionally, the property must have sufficient equity, usually at least 20%, to qualify for refinancing. Meeting these eligibility criteria is essential for applicants seeking mortgage refinancing with EMC Mortgage.