Would I have an issue refinancing my mortgage? (loan, loan, financial) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

streetkings01 · 06-17-2009, 09:14 AM

I'm currently looking to lower my mortgage payments by refinancing. My and my wife purchased a home in Aug. 2008......we are looking to refinance but my wife was laid of from her job in Feb. of this year. Since she is not employed but is collecting unemployment......would that be an issue with refinancing since she has no income coming in from a job?

Moonwalkr · 06-17-2009, 09:23 AM

Depends on your financial picture, DTI ratio, current LTV ratio, etc. If you have good income and plenty of cash reserve then you shouldn't have a problem. If your loan is securitized by Fannie/Freddie then check into the gov't refinance program, especially if you lost equity since August.

suzie02 · 06-17-2009, 09:24 AM

It all depends on your income to debt ratios now.