Hi vachhanipravin,
Your credit score will definitely matter in this case. What type of a credit score do you have? If you are looking for a conventional loan, you should have a credit score of 740. Speak to your current lender and check out if he agrees to refinance your loan. You can even seek a no obligation free mortgage consultation from the lenders of this community. This will help you know whether or not you would get a refinance.
Thanks
Your credit score will definitely matter in this case. What type of a credit score do you have? If you are looking for a conventional loan, you should have a credit score of 740. Speak to your current lender and check out if he agrees to refinance your loan. You can even seek a no obligation free mortgage consultation from the lenders of this community. This will help you know whether or not you would get a refinance.
Thanks
i have credit score 770
Just rough calculation because we do not know your taxes or any other monthly debts (auto loans, cerdit cards, student loans, etc)
Using a 55% debt ratio, which is high, but, can be done, it appears the maximum mortgage (if you have no other debt) would be about $230,000.
Your mortgage is $413,000, I would guess that your present debt ratio is about 71% and that is too high to get any mortgage today.
If your present mortgage is owned by Fannie Mae or Freddie Mac (call and ask) you may be able to lower present rate with your current lender without appraisal or having to verify income.
The Loan to Value is low, you may be able to get a full documentation approval for a mortgage up to a 65% debt ratio. They are still done for good credit, reserves, low LTV and you have all those.
Using a 55% debt ratio, which is high, but, can be done, it appears the maximum mortgage (if you have no other debt) would be about $230,000.
Your mortgage is $413,000, I would guess that your present debt ratio is about 71% and that is too high to get any mortgage today.
If your present mortgage is owned by Fannie Mae or Freddie Mac (call and ask) you may be able to lower present rate with your current lender without appraisal or having to verify income.
The Loan to Value is low, you may be able to get a full documentation approval for a mortgage up to a 65% debt ratio. They are still done for good credit, reserves, low LTV and you have all those.
You can look for FHA loan with hight Debt to Incoem ratio