Two years ago my wife and I purchased our home. Her credit was a little better than mine, around 600 so we purchased it completely in her name. She made less money than me so doing it with her credit score we had to use just her income. We got 100% financing with a 2 year ARM with an interest rate of 8%. Over the 2 years we have had 2 payments 30 days late but is now current. This mortgage is only in her name and doesnâ??t show up on my CRâ??s. Two years later our adjustable rate has soared to 11%. We are needing to refinance. My scores are now higher than hers. My middle is 625 and hers is still about 600 or slightly less. Is it possible for us to refinance in my name now since I make more money and have a higher score and still use her income. Using her income our DTI is below the 28/36 figure. Is it easier to refinance than to purchase? What kind of rate could we get? Please help? Thanks!
You can refinance with both of you on the loan. Your scores would be the ones used if you are the primary wage earner. I'm a mortgage consultant and could give you more info if you would like...if you click on my name above you can e-mail me privately.
You should look at what your house appraises for compared to what you woe on it. That may make a big determination on what you can do to get y ou the best deal? You may qualify for a conforming loan or an FHA loan. Where are you located? Nick Kusan Professional Mortgage Consultant nkusan@prioritymortgage.com Lic.#15112 MB.#3860 Direct Phone (614) 410-9112 Direct Fax (614) 410-9108 Toll Free (888) 332-5301 Ext. 112 150 E. Wilson Bridge Road, Ste. 350 Worthington, OH 43085 Visit us at www.prioritymortgage.com Lending in Ohio And Florida
Re: Mortgage refinance question, He You are a good candidate for refinancing. If I were you, I wouldn't be asking questions on an internet message board but talking to loan officers. I'd recomend you talk to friends and family for recomendations of someone trustworthy who gives quality service. In your situation, I'd suggest a broker who has experiance in both sub-prrime and A-paper, and I'd also recomend you hop on it as rates are going up. Good luck!
