I am a co signer on a mortgage, the primary wants me to pay him to sign house over to me since he paid the down payment so we can split. I will have to pay for reinfinace charge but want to know how can I be sure that I will qualify. Iv had my name on the mortgage for 2 years and all payments on time. I just paid off my school loan. THe house payment is $800 a month. I have a cell phone and owe 140 on a credit card which I am paying down so I can do the min payment a month. what is the debt vs income ratio? I make about 33,000 primary job and 4,500 at other. What is the process and do I have a good chance at qualifying???? Should I gat a lawyer?SHould I go see a mortgage loan officer first? what are my options and best way to go?
2006-11-24 03:04:29 · 4 answers · asked by louise23 2 in Business & Finance ➔ Credit
THe total of the loan on the house is 82,000now after he placed the 5,000 down payment. The payment is two seperate loans. one is for 70,000 and the other is 12,000
2006-11-24 03:31:23 · update #1
WHAT IS THE LOAN TO VALUE???
2006-11-24 03:31:59 · update #2
I think the house is valued at 98,000 but we got it for 87000. WOuld I have to place another down payment?
2006-11-24 03:34:00 · update #3
see a mortgage banker. There are 3 things required on a mortgage. Collateral, capacity and credit. With out knowing every thing none of us can be sure as to if you will qualify. Your score is very important and based on what you are stating you should qualify. If there have been no late payments. The biggest problem may be the loan to value on the home. You did not state how much your down payment was and the value on the home now and current mtg balance. So much more info is needed.
I am a mortgage banker in Tennessee
2006-11-24 03:15:15 · answer #1 · answered by golferwhoworks 7 · 0⤊ 0⤋
You sent me an email, but your email isn't set up.
Your question:
I bought a house 2yrs ago with my bf. he is the primary. If i need to reinfinance the house after paying him out do I have to put another down payment in??
My answer:
Your equity can be the down payment, as long as it is big enough for what the lender requires.
Can't you keep the present loan with your bfs OK?
2006-11-27 17:49:55 · answer #2 · answered by Anonymous · 0⤊ 0⤋
A pretty comprehensive refinance site I found is at http://www.refinance-and-loans.com/... , which has topics on a lot about refinance. You may want to read some of the topics there and contact the lenders or brokers in your area under their State refinance section. Refinancing can vary depending on where you are and other financial aspects.
2006-11-28 02:36:26 · answer #3 · answered by LostAgain? 2 · 0⤊ 0⤋
There's some great articles in the category 'Mortagage Refinance' at http://www.hammocksurvivalguide.com/
You might find some helpful advice there.
2006-11-27 17:25:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋