Refinance mortgage

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Being able to pay a loan back that you have borrowed to buy a home is the most important factor. A loan lender will look first at your job. This is done to see how secure your finances are. Factors such as length of employment at a particular place, or how long you have worked in one field are good indicators that you will qualify for a loan financially. Also, a bank or lender may look at the net income you typically earn and see how much debt you have incurred from prior sources. If you have outstanding debts, lenders must be sure that your income is enough to cover both the home loan and these debts combined. If it is determined that the amount of debt you have prior to the home loan is very high, you may still qualify for a home loan in a smaller sum. Typically smaller home loans carry higher interest rates than larger ones, so it is to your benefit to pay off as much debt as possible before applying for a home loan.