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Refinace non-forclsure existing loan
posted at December 17, 2012 7:34 PM EST
Re: Refinace non-forclsure existing loan
posted at December 23, 2012 1:54 PM EST
First: November 27, 2011
Last: March 9, 2014
In Response to Refinace non-forclsure existing loan:
There are many homeowners like us, with good credit standing - not facing foreclosure - we are unable to refinance our exiting mortgage to take advantage of the lower interest rate - only due to insufficient income.. Despite our excellent credit score - never missed a payment, no lender will approve our loan application, which could save us few hundreds of dollars per month on our mortgage payment. We are told it is due to our administration's policies Anybody else has run into this problem? Appreciate inputs on this subject
Posted by MeirLev
I'm going to guess that you don't have a loan backed by Fannie Mae or Freddie Mac, nor is it FHA, VA or USDA -
I'm also gonna guess that you are underwater in your LTV and don't have the funds to pay it down to the 80% threshold to avoid PMI or perhaps you might have Lender Paid PMI on the current loan.
And you are probably not behind on your payments due to job loss.
If any of that is true, you have little place to go without refinance money to bring your LTV more into line.
Give more details and perhaps there are some other sources. What is your LTV, what interest rate, for how many more years, balance on mortgage, is it a government backed loan and how old are you.