Is it easier to refianance than getting a new home loan?

[mark1210]

What is the name of your state? TX

I purchased a home a year ago and it was a mess, bank statements, change in closing date, approved, declined, and then approved. My question is, I was informed of this program called a "Choose your option ARM" which would help me considerbly pay down debt. Is it hard to refinance a home? If I am understanding things correctly, I am essentially getting a new loan and it would require all the same procedures. Seems like they would look at my prior house payment experience and be able to determine I have had no problems and my credit is good (650 FICO).

Also, I am in the middle of selling my car and purchasing a cheaper one, could this jeopardize the refinance?

Thanks

 

[seniorjudge]

What is the name of your state? TX

I purchased a home a year ago and it was a mess, bank statements, change in closing date, approved, declined, and then approved. My question is, I was informed of this program called a "Choose your option ARM" which would help me considerbly pay down debt. Is it hard to refinance a home? If I am understanding things correctly, I am essentially getting a new loan and it would require all the same procedures. Seems like they would look at my prior house payment experience and be able to determine I have had no problems and my credit is good (650 FICO).

Also, I am in the middle of selling my car and purchasing a cheaper one, could this jeopardize the refinance?

Thanks

Q: Is it easier to refianance than getting a new home loan?

A: Same thing. BTW, you are not asking legal questions...you are asking financial questions which you should be discussing with your banker/lender.