Posted on: 21st Oct, 2010 12:57 pm
I am recently divorced and got the house along with the 1st and 2nd mortgage in the divorce. I am self employed with good credit. It's just that my income/payout ratios look pretty bad on paper as I have co-signed for my daughters car and some of my credit card debt is actually paid by another daughter. I'm currently paying 6.7% and would like to combine the 1st and 2nd together into one while also lowering my monthly payment if possible. Especially with the interest rates currently being so low. Does your program have the ability to help a person in a posistion such as mine?
welcome skyh,
if you do not have the required debt to income ratio, the lenders will not be able to help you. you can pay off some of your debts or increase your income to make you debt to income ratio better. moreover, you should have equity in the property in order to refinance your existing mortgage. unless you've 20% equity in your property, you won't get a refinance.
if you do not have the required debt to income ratio, the lenders will not be able to help you. you can pay off some of your debts or increase your income to make you debt to income ratio better. moreover, you should have equity in the property in order to refinance your existing mortgage. unless you've 20% equity in your property, you won't get a refinance.