Posted on: 20th Jun, 2012 11:25 am
i purchased my home in december 2000. in may 2009 i lost my job and have since gone back to school to change careers. in october 2011 i allowed my significant other to move in and he has taken up the mortgage payments.
i would like to refinance because the pay off is 69k and the house is worth well over 100k and get some cash out for the 11 years i invested prior to my significant other got involved. we would also be interested in refinancing the mortgage with his credit history since my credit suffered somewhat after i lost my job. is this possible? please advise. thanks!
i would like to refinance because the pay off is 69k and the house is worth well over 100k and get some cash out for the 11 years i invested prior to my significant other got involved. we would also be interested in refinancing the mortgage with his credit history since my credit suffered somewhat after i lost my job. is this possible? please advise. thanks!
Hi Darcel!
Welcome to forums!
As you have equity in your property, you will be able to refinance the mortgage. You should contact the local lenders and apply for a mortgage refinance. If you and your significant other meet the financial and credit requirement, you will be able to get the refinance.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you have equity in your property, you will be able to refinance the mortgage. You should contact the local lenders and apply for a mortgage refinance. If you and your significant other meet the financial and credit requirement, you will be able to get the refinance.
Feel free to ask if you've further queries.
Sussane
Hello Darcel,
Borrowers with less than six months of payment history on the current mortgage will be turned down for cash-out refinancing, and any co-borrower on an FHA cash-out refinancing loan must be an occupant. Non-occupying co-borrowers cannot be added to a cash-out refinancing loan.
:wink:
Borrowers with less than six months of payment history on the current mortgage will be turned down for cash-out refinancing, and any co-borrower on an FHA cash-out refinancing loan must be an occupant. Non-occupying co-borrowers cannot be added to a cash-out refinancing loan.
:wink:
