Mortgage Refinancing Requirements There’s no doubt that the right refinance deal can bring you many financial benefits. But not everyone can qualify for mortgage refinancing. You must own enough equity in your home and have a low debt-to-income (DTI) ratio to be eligible for traditional refinancing loans. Here are some general requirements you should meet to be able to refinance your mortgage:

At least a 20% equity in your home A DTI ratio that is below 43% A credit score of at least 620 for refinancing a conventional loan A credit score of 580-620 for refinancing government-insured loans Sufficient cash to cover the loan’s closing costs