Posted on: 19th May, 2009 04:12 pm
should we refinance to lower our monthly mortgage while our home is on the market...we have 7 years left of a 15 year 5 % mortgage. we have our home for sale and would like to know the pros & cons of refinancing in order to lower our current payment until our home is sold, given the current housing market and both of us being laid off and with no income other than our life savings which is burning up quickly. also, can we even get refinancing without employment? (we both have excellent credit scores)
There are No Income/No Asset Loan programs, but they will not offer Interest Rates as attractive as the one you currently have. You have a good rate now. Stick it out with what you have and get your home sold. I hope this helps...
lenders are not likely to provide you with a refinance at the same time you are attempting to sell your home. standard procedure is that your home must not be listed for sale, and once it is taken off the market, there is a waiting period before you'd be qualified to refinance.
and, of course, if you are selling, what is the real benefit of a new mortgage?
and, of course, if you are selling, what is the real benefit of a new mortgage?
