To guarantee a mortgage approval make sure you have savings in a 401K or checking or savings account. As my father used to say banks lend money to people who don't need it. Since he was self-employed he may have had a few challenges refinancing to put 7 kids in school. In addition to having savings naturally if you have good credit you will be approved. Good credit is a score over 700.
It is easier to be approved for what is called a rate and term refinance than cash out. Paying off a home equity line of credit as well as your first mortgage is considered cash out unless you used both mortgages to purchase your home or the loan to value is very low. Three main factors for approval are savings, credit and equity- not necessarily in that order. Of course having a lower debt ratio is also an important factor. No more than 35% of your household income should go toward your monthly housing expenses which include the mortgage, taxes, homeowners and any mortgage insurance. If your debt ratio is high perhaps a 40 year term or interest only is suitable for you.
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