refinance

Are you ready to refinance vacation home?

What kind of borrower am I?
What kind of borrower am I? © karen roach/Shutterstock.com

Late mortgage payment in the past year? "You're going to have a very hard time refinancing," Frank says. Even if you can, those rates are not going to be as attractive, she says.

If you've had a short sale in the last two or three years, that could hurt you, Noriega says.

These days, lenders want to see that your salary -- not your investments or savings -- will be enough to make the payments, Frank says.

If you plan to refinance around the same time as a career change or retirement, you'll have more loan options if you refinance before that salary flow is disrupted, says Michael Moskowitz, president of Equity Now.

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