The rules have changed in the refinancing game.
With the real estate market sluggish and credit tight, replacing your mortgage could be harder than buying a house was a few years ago.
Kathy DePung, senior mortgage lender at Midwest Bank Centre in Oakville, said, "The guidelines have all changed. Everything is being verified again."
Lenders want proof of your income, employment and assets like bank accounts and investments. And they're more likely to quiz you about why you want to refinance and whether it makes sense to do so.
