Posted on: 20th Sep, 2010 09:26 am
i have my $300,000 dollar home for 5 years now was purchased when married but is mine after the divorce. i have been making the payments on my own for the last two years, but would like to refinance to have him removed from it all. would like to find a low cost or no cost fixed rate. but afraid since im single they will deny me. what is your advice and is there any help. the bank it is with now wanted $30,000 down which i don't have.
Sorry....this was me posting this answer...
I don't understand why "the bank it is with now" wanted $30000 from you, unless the value of the home is insufficient to cover the balance you owe at this time.
As for being single, there's no reason that would have any impact on your ability to obtain a new loan. Your income, credit, work history, assets, and the value of the home will make that determination. Being single, married, white, black, gay, straight, male, female....all these have no bearing on a mortgage lender's decision to make or deny a loan. To discriminate against anyone is contrary to law, and lenders are going to most circumspect in reviewing a file for a borrower.
Don't fear about being single. The only drawback you might encounter is that you may have less income than a couple might have.
I don't understand why "the bank it is with now" wanted $30000 from you, unless the value of the home is insufficient to cover the balance you owe at this time.
As for being single, there's no reason that would have any impact on your ability to obtain a new loan. Your income, credit, work history, assets, and the value of the home will make that determination. Being single, married, white, black, gay, straight, male, female....all these have no bearing on a mortgage lender's decision to make or deny a loan. To discriminate against anyone is contrary to law, and lenders are going to most circumspect in reviewing a file for a borrower.
Don't fear about being single. The only drawback you might encounter is that you may have less income than a couple might have.