Posted on: 10th Dec, 2013 01:01 am
When we bought our home, I qualified for my mortgage but my wife did not qualify. Now I have lost my job and want to refinance the mortgage in my wife's name. She has a better credit that me now but her debt to income ratio is quite high. Will we be able to refinance?
Hi Fleecy,
Your wife will have to lower her debt to income ratio in order to get a mortgage refinance. In order to do so, she can either pay off her existing debts or increase her income.
Take care
Your wife will have to lower her debt to income ratio in order to get a mortgage refinance. In order to do so, she can either pay off her existing debts or increase her income.
Take care
Hi Fleecy,
Better credit will be quite helpful in getting a refinance but debt to income ratio is also important. In such a situation, as Sara has said, she should take steps to reduce her debt to income ratio.
Thanks
Better credit will be quite helpful in getting a refinance but debt to income ratio is also important. In such a situation, as Sara has said, she should take steps to reduce her debt to income ratio.
Thanks
You may also look into the option of doing a cash out loan to payoff all your spouses debts. Or you can move all your debt to a 0% APR card and pay them off quicker. Good Luck!
