Every lender has their own standards that you must meet to qualify for a refinance. Ask your lender what standards you must meet in the following areas: Credit score:Your credit score is a three-digit number that represents your experience managing credit and loans. Your lender should be able to tell you the minimum credit score you need to qualify for each type of loan. Debt-to-income (DTI) ratio:Your DTI is a percentage that tells your lender how much of your money goes to regular, recurring expenses. You’re less likely to have savings and more likely to miss a mortgage payment if you have a high DTI. Your lender should be able to show you how to calculate your DTI and tell you the maximum DTI you need by loan type. Home equity:Your home equity is the percentage of your loan principal that you’ve paid off. Most lenders require that you have at least some equity in your home before you can refinance. Your lender should be able to tell you how to figure out your current home equity as well as how much equity you need to qualify for a refinance.