Posted on: 20th Sep, 2010 10:04 am
i am in the process of filing for divorce. i would like to keep my home but would have to refinance it to remove my spouse from the existing mortgage and lower my payment. is there any way to get any type of pre-approval for this or to find out if i would even qualify for refinance before i put in my papers that i want the residence? i don't want to keep it if i'm not going to be able to afford the existing mortgage or qualify to refinance to a lower payment and remove spouse.
Peggy, you've asked a good question, and it's perfectly appropriate for you to visit a lender or speak with one on the phone, to see if you have a reasonable expectation of being approved for the loan you'd need. By all means, contact someone you trust (hopefully you know someone already) who'll give you the right information and let you know precisely where you stand. I thoroughly agree with your stance; you ought to know the chances before you commit to keeping the home.