Posted on: 24th Dec, 2009 06:15 pm
hi, i have a townhouse i'd like to refinance but not sure what my options are. the loan is a 6.25% 30/10 interest only (first 10 years) which the loan is at $163k. the townhouse taxes appraisal is at $155k, so i'm guessing it'll appraise some where in that ball park (so i'm currently under water like most are).
i'd like to get into a lower rate, 30 year fixed. i'm currently unemployed, so obviously i can't get a loan by myself. but my mom said she'd co-sign with me and she'd would have no problem getting a 2nd loan (she currently owns a house) by herself. since i'm unemployed, do i have any options to refinance with my mom as a co-signer?
i'd like to get into a lower rate, 30 year fixed. i'm currently unemployed, so obviously i can't get a loan by myself. but my mom said she'd co-sign with me and she'd would have no problem getting a 2nd loan (she currently owns a house) by herself. since i'm unemployed, do i have any options to refinance with my mom as a co-signer?
I would advise you NOT to refinance right now. If you manage to refi, you will not get an interest only loan with your loan to value ratio. So, even if you get a lower rate, your payment (P&I) would either be the same or marginally lower.
That being said...since you are unemployed, there is no way you are getting a new mortgage right now.
That being said...since you are unemployed, there is no way you are getting a new mortgage right now.