Posted on: 07th Aug, 2010 02:11 pm
Çan my friends mortgage be refinanced if she works part time and is getting a divorce?
What if she is debt free?
What if she is not debt free?
What if she is debt free?
What if she is not debt free?
Welcome artsun,
Though your friend is going through a divorce and has a part time job, she would be able to refinance the loan. However, she should have equity in the property in order to get a refinance. If your friend is debt free, it would be easier for her to get a refinance as she would have a good debt to income ratio. If she has debts, then her debt to income ratio may be higher which can hamper her chances of getting a mortgage.
Though your friend is going through a divorce and has a part time job, she would be able to refinance the loan. However, she should have equity in the property in order to get a refinance. If your friend is debt free, it would be easier for her to get a refinance as she would have a good debt to income ratio. If she has debts, then her debt to income ratio may be higher which can hamper her chances of getting a mortgage.
If the part time income is for two years and he makes enought to handle the monthly payment then yes, he can refinance. Being debt free wouldn't obviously help his Debt to Income ratios.
