Posted on: 27th Apr, 2009 06:42 pm
My fiance and I have owned our home for over a year. We financed a 30 year mortgage at 6.3%. He was currently laid off from his job and I am no longer able to defer student loans. What are our options when it comes to refinancing?
We have a balance of $87,000 left on our mortgage. Our current payment are $739.00 a month. (including property taxes and home insurance). We haven't had any late payments, however our credit score may have decreased due to late payments on a credit card.
We have a balance of $87,000 left on our mortgage. Our current payment are $739.00 a month. (including property taxes and home insurance). We haven't had any late payments, however our credit score may have decreased due to late payments on a credit card.
hi lindsey,
refinancing the mortgage will depend upon your credit score and income. the lender will also check if you have equity in the property or not. you have also mentioned that your husband has been laid off from his job. this will also go against you while you refinance the loan. however, if you have a job, then you can refinance it in your name. while refinancing the loan, you will have to pay the closing costs as you have paid while taking the primary loan.
thanks
refinancing the mortgage will depend upon your credit score and income. the lender will also check if you have equity in the property or not. you have also mentioned that your husband has been laid off from his job. this will also go against you while you refinance the loan. however, if you have a job, then you can refinance it in your name. while refinancing the loan, you will have to pay the closing costs as you have paid while taking the primary loan.
thanks
It's going to come down to you being able to carry all the debts with you income alone. With your student loans now coming due, you may be in a tough situation. If you are unable to refinance your loan due to you income and expense ratios, you may want to contact your current lender to see if they can assist you in any way considering the circumstances. I hope this helps...
