- Refinance with the same lender: In many cases, borrowers must refinance their existing home loan with the same lender to be eligible for a cashback offer. This is because the lender wants to retain your business and ensure that you continue to make your mortgage payments to them. However, some lenders may also offer cashback incentives to borrowers who refinance from another lender, so it’s important to check the specific terms and conditions of the offer.
- Minimum loan amount: Most lenders will have a minimum loan amount requirement to be eligible for a refinance cashback offer. This can vary depending on the lender and the offer, but it is typically in the range of $100,000 to $200,000.
- Minimum credit score: Lenders will also typically have a minimum credit score requirement to be eligible for a refinance cashback offer. This is to ensure that borrowers have a strong credit history and are likely to make their mortgage payments on time. The specific credit score requirement can vary depending on the lender, but it is typically in the range of 600 to 700.
- Loan-to-value ratio: The loan-to-value (LTV) ratio is the ratio of the loan amount to the appraised value of the property. Most lenders will have a maximum LTV ratio that borrowers must meet to be eligible for a refinance cashback offer. This is to ensure that borrowers have sufficient equity in their home and are not at risk of defaulting on the loan. The specific LTV ratio requirement can vary depending on the lender, but it is typically in the range of 80% to 90%.
- Employment and income: Lenders will also typically require borrowers to have stable employment and income to be eligible for a refinance cashback offer. This is to ensure that borrowers have the ability to make their mortgage payments on time. The specific employment and income requirements can vary depending on the lender, but borrowers will typically need to provide proof of income and employment, such as pay stubs or tax returns.
- Want to know if you’re eligible for a refinance cashback offer? Discover the key eligibility requirements Some lenders may also have additional eligibility requirements for their refinance cashback offers, such as being a first-time homebuyer, having a certain type of mortgage (such as a fixed-rate mortgage), or meeting other specific criteria. It’s important to carefully review the terms and conditions of any cashback offer to ensure that you meet all of the eligibility requirements.
What are the eligibility requirements for a refinance cashback offer?
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