Posted on: 12th Jun, 2011 08:55 pm
our mortgage has adjusted and we are now paying almost 3,500 monthly on a 397,000 loan. the house is worth 650,00 according to our property taxes (though doubt it would sell for that in this market.) my husband and i have been unemployed for the past couple years and we had been living off savings. i just recently got a job. so, can we qualify for a better rate if we refinance even if we do not have income for the last couple years? how?
only my husband is on the mortgage currently. his credit rating from experian is 738 and mine is 724. also, would it be helpful for us to apply jointly? any advice is appreciated. thanks.
only my husband is on the mortgage currently. his credit rating from experian is 738 and mine is 724. also, would it be helpful for us to apply jointly? any advice is appreciated. thanks.
Also - our current interest rate is 7.1% Th monthly principle paid is only $507 and interest paid monthly is $2,350.
Hi Guest!
Welcome to forums!
The lender will check your employment history for the last 2 years. If you're unable to show your income for the last 2 years, it will be difficult for you to qualify for a refinance.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The lender will check your employment history for the last 2 years. If you're unable to show your income for the last 2 years, it will be difficult for you to qualify for a refinance.
Feel free to ask if you've further queries.
Sussane
If you have enough equity you might be able to get a loan from a private lender, since you do not have enough employment history to obtain a traditional loan. Hard money lender or private lender would be your best option, until you have a 2 year work history. Keep in mind that a lender will need your debt to income ratio below 45%. So for reference, take your total income and multiply that by 45%, this is your max your loan payment, tax, insurance and any other debt payments you have. Ie. if you make 10k a month 45% is $4,500 max for mortgage, tax, insurance and any other credit cards or car payments. Good luck!
Is the present mortgage owned by Fannie Mae or Freddie Mac?
Call your 800 customer service telephone number and ask them. If it is, while you are still on the phone, ask them if you can refinance under the Home Affordable Refinance Program.
If it is not, do not ask.
Call your 800 customer service telephone number and ask them. If it is, while you are still on the phone, ask them if you can refinance under the Home Affordable Refinance Program.
If it is not, do not ask.
