If you’re looking for a [tag]refinance[/tag], whether it’s because your current [tag]mortgage[/tag] will soon adjust to a higher [tag]interest rate[/tag] or because you’d like to borrow extra cash against your built-up equity, you can expect lenders to be more demanding about your credit, your ability to document your income and the [tag]appraised value of your home[/tag]. They are less likely to OK new mortgages if the monthly payments consume more than 28 percent of the borrower’s monthly gross income, or if, combined with payments on other loans, debt repayment consumes 36 percent or more of income. House Poor: Pumped Up Prices, Rising Rates, and Mortgages on Steroids: How to Survive the Coming Housing Crisis

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