My wife and I own our home,with 85% equity. We wish to refinance our existing loan to a lower rate.
Our credit score is near perfect. Never missed a mortgage payment. No other major debts, and we payoff our credit cards in full each month.
Our application to refinance to lower rate has been turned down due to insufficient income. All we wish is lower our monthly payments by few hundred dollars a month.
I am sure many other retirees have faced the same problem. If there are enough people willing to join, maybe we should petition AARP to lobby on our behalf to the WH, to direct the financial institution to relax a bit and let us take advantage of the lower rates - while they last.
Pay down the debt is not on our plan.
Any suggestions or comments/ Please post them