How do you refinance a mortgage today?

I've been working on a story about that and the answer is, it's not easy. One mortgage broker told me six out of ten borrowers don't qualify.

Either they don't have any equity n their home or their home is worth far less than what they borrowed.

If you think you might want to refinance -- and rates still are at historic lows -- here are some tips:

-You need a minimum credit score of 700 to get the best terms. Borrowers with lower scores can get financing, the lenders say, but those borrowers will pay additional fees.

-Ask for less. Lenders also are making smaller loans than they did only a few years ago during the housing boom. Wells Fargo, for example, in November cut the amount it would lend to 90 percent of a single family home’s value, down from 95 percent. For condos, the figure is 80 percent.

-Don't go above 80 percent of your home's value.
That's because anyone who borrows more than 80 percent of value also has to get mortgage insurance – which lenders say has become very difficult to obtain in Florida.

-You have to be working.
Borrowers these days need proof of income, at a time when unemployment is rising. One lender said a very wealthy client who is living off his investment portfolio wasn’t able to refinance because he dodmt have a job.

Bottom line: The mortgage industry rules have changed.
“People who want to get a mortgage who have no equity or little equity in their homes or who want those gold old [loan] programs for those who make money but don’t prove it, those are pretty much gone,” said Stuart Shanefield, of WCS Lending in Boca and Fort Lauderdale.