Do different banks go by their own parameters when considering refinancing a loan for a house?

Cletus
BofA told us that their parameters changed and went lower and therefore we do not qualify to refinance. Do different companies/mtg lenders go by their own Parameters when considering clients/customers for refinancing? Or is it all the same for lien holders?

Marybeth
Each lender is responsible for their own warehouse line (a line of credit that pools together lots of mortgage loans). If a loan doesn't get bought by Fannie or Freddie, the bank is STUCK with your loan on their warehouse line... THEY won't do it! This is the exact reason to use a mortgage broker rather than a banker. Brokers can SHOP your loan to different lenders. ALSO, a broker that knows how to package a loan will be able to show COMPENSATING FACTORS to get a loan done that might not have a picture perfect borrower. So, your situation doesn't fit their parameters... get qualified with a broker who knows what he is doing!Best of luck!

Britteny
Everyone starts by conforming to the standards set forth by FHA, FNMA, and FHLMC. better known as FHA, Fannie Mae, and Freddie Mac. However individual lenders will also put their own requirements on to limit the risk when lending. So while some restrictions are on across the board i.e. must have 3% down for an FHA purchase loan. Others are individual requirements. My company for example requires that you escrow your taxes and insurance when you are over 90% loan to value. The only way to know for sure is to ask. And yes they are constantly changing.

Darwin
With the subprime/credit crunch ALL financial industry was affected and the lenders especially tightened up how they lend out money. All mortgage/lenders have different requirements... some loans are Federally backed while other loans are back by investors. As the above person said, be careful and read the small prints and do not sign unless you completely understand...ON A SIDE NOTE: Right now, when anyone other than yourself makes inquires on your credit profile it can drop your fico score... BUT Experian and Trans union is thinking of taking that criteria off. (thinking behind this is... if you are shopping for the best rate, you are more responsible with your credit)

Antonio
Every lender sets their own requirements. You will have to do some research to find out where you qualify. Just be careful that you ask all the questions first before you apply. Too many applications will hurt your credit score.Edit to add:Please think twice before getting involved with a mortgage broker who uses Yahoo Answers for free advertising.