Unless you are eligible for refinancing through Obama’s “Home Affordability Plan” you will find that refinancing a mortgage can be difficult. It requires several different facts and figures before you will even have a chance of getting approved. Mortgage lenders and banks can deny any refinance application for any of the following reasons:-The Credit Rating of the Homeowner.If your credit rating is too low, the bank or lender will deny your application to refinance. However, bad credit scores are pretty common and you are not alone. To help get approved with bad credit you must explain your financial situation to the bank or mortgage lender and convince them you are going to make those payments. If this fails you can look into sub prime loans, but usually these are to be avoided.-The Income of the Borrower.Mortgage lenders and banks will thoroughly check all proof of income statements. The lender or bank will be skeptical should they feel your income is higher or lower than your stating it is. Also, this income must prove to be consistent. If you are not able to do this, the refinance application may get denied.-Incomplete Documents.If you can not come up with, find, or complete documents that lenders or banks give you for the refinancing procedure, the application for refinancing will be denied.-The Value of the Property to be Refinanced.Banks and lenders are likely to deny refinancing if they project property values dropping even further in your area, or, if they have already dropped to far. Banks and mortgage lenders typically do not refinance a home or property for more than it is worth.-Mortgage Lender and Bank Policies.Banks and lenders often have extremely particular requirements for refinancing a home. Sometimes borrowers need a certain amount of income, or equity, or have a single family home, and still refinance applications may be denied.Luckily for you, the internet is a great way to investigate potential mortgage lenders and banks for your refinance. You can easily search through the conditions and eligibility requirements from a wide variety of banks. Often, you can get a rough quote and see how much you can expect to save every month. Make sure you take your time and use some patience to find the right refinance deal. This is the only way to ensure you do not get caught up in another bad mortgage.