Question by davetemp60067: Mortgage Loan question?
My wife and I want to refinance our house. Unfortunately, she has bad credit 565 and I have good credit 705. The problem is she makes more money than I do so the refinance companies look at her income and credit score not mine. Is there a way to get around this?
Best answer:
Answer by lepr0kan
Currently it may be very difficult with her credit score. You would have to get a subprime mortgage and the rate would probably be higher than the one you currently have. If you have a great employement record, high income, and a large amount of liquid assets that may help. It also depends upon what you are refinancing for if it’s the full 100% value of the house it would be very difficult, if it was more like 60-70% it may be easier. Lastly, one of the factors will be why her credit score is so low, if it has to do with repeated late payments, especially late mortgage payments it will be more difficult to qualify. There are so many factors, speak with a mortgage broker to see if you are qualified.
What do you think? Answer below!
Go to your bank as they will give you advice.
You can still get a decent loan at a good rate. Not Subprime.
Loan Officer.
contact me if interested.
with the help offered on this site. http://homeloaninformation.notlong.com