It doesn't matter if you have good credit or bad credit, the refinance loan approval process can be nerve wracking. Knowing exactly what the lender will be looking for and exactly what it takes to get approved for a West Virginia refinance loan will help ease your mind.

Your Refinance Loan Application
The information on your West Virginia refinance loan application helps a lender determine whether or not you have a stable source of income, whether or not you have the income to cover the expense of your new refinance loan, and how many other debts you have in addition to your new mortgage payment.

Your Credit History
Your credit history tells lenders how you manage your debt. They will look at your credit report to determine how you have handled past payments to creditors and whether or not you are a responsible borrower. If your credit score is somewhere around the West Virginia average of 679, you can expect to pay low interest rates. If your credit score is low, you will be paying a sub-prime rate that is several points higher.

Property Appraisal
A final consideration for lenders is the value of your home. Lenders will use this amount to determine how big your West Virginia refinance loan can be. The limit is usually 125 percent of your home's value. Because home values have risen steadily throughout the West Virginia, the property appraisal won't be a problem for most borrowers.

Special Conditions
When it comes to getting approved for a West Virginia refinance loan, there may be certain conditions that you have to adhere to. For example, if your loan is more than 80 percent of your home's value, you may have to agree to pay for private mortgage insurance to get the loan.

Visit West Virginia Lending Center to see our Top 3 Refinance Lenders Servicing West Virginia, whether you are looking for home purchase, refinance or a home equity loan.

Source: www.isnare.com