Posted on: 31st Jul, 2006 06:45pm
You may be a disabled person but still you may be required to refinance your existing mortgage loan so as to enjoy the lower rate prevailing in the market place. In fact, the Federal Laws have put an end to any kind discrimination against the disabled persons while granting the mortgage refinancing appeal. If you meet all the eligibility criteria, you must be approved to refinance your mortgage loan. Your disability should not come in your way of getting the refinancing approval. Instead, if you are a disabled person, you will be treated more favorably and your income will be treated differently than an employed borrower.
You may be temporary or permanently disabled. If you are getting temporary disability income, then you can’t use that income for mortgage qualification. Lenders consider this income as only short term in nature and they do not take this short term income into consideration while granting your refinancing plea. On the contrary, if you are permanently disabled, then the lenders consider this income as long-term in nature and take this income into consideration while granting your mortgage refinancing appeal.
You need to however produce proper documents from the insurance company or the Social Security Administration or both which prove your permanent disability and the income that you receive for your disability. If the lender is satisfied, then this permanent disability income is taken into consideration. In addition to this, if you meet the other eligibility criteria, then you are offered the mortgage refinancing loan.
You may be temporary or permanently disabled. If you are getting temporary disability income, then you can’t use that income for mortgage qualification. Lenders consider this income as only short term in nature and they do not take this short term income into consideration while granting your refinancing plea. On the contrary, if you are permanently disabled, then the lenders consider this income as long-term in nature and take this income into consideration while granting your mortgage refinancing appeal.
You need to however produce proper documents from the insurance company or the Social Security Administration or both which prove your permanent disability and the income that you receive for your disability. If the lender is satisfied, then this permanent disability income is taken into consideration. In addition to this, if you meet the other eligibility criteria, then you are offered the mortgage refinancing loan.
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