I purchased a home almost 2yrs ago to this date at a high int rest rate.And I just realized that by next yr?

Question

around this time my intrest rate will jump up2% on an already high 8% of $160k loan.
I am the primary on the home loan but just recently had a baby and currently not working.
Barely a newlywed, Should i ask my husband to refinance the home and become primary? if so would i still be credited for being the secondary on the loan towards my credit score that im still trying to repair?
His credit Score is much higher than mine, so do he? automatically qualitify for a lower intrest rate?
Or should i wait to refi until i return back to work to continue to improve ?
All over the world homeowners are losing their houses, What should i do?

Answer 1

I would suggest you look into refinancing with your local mortgage broker or the bank where you hold your checking/savings accounts. Since you just had a baby and are not working you may want to just have your husband on the loan but BOTH of you on Title so you don't lose any real ownership interest in the home. Its an easy thing to do but the thing is you will have to be able to qualify for the new mortgage using just his income alone. If you are interested, I can look into your scenario for you as I am a mortgage broker in Los Angeles but I do loans nationwide. My email address is [e-mail].

Good Luck!

Melissa Curtis
Mortgage Broker

Answer 2

The problem here is that with so many homes in foreclosure, and so many on the market the worth of the home has decreased, and credit has tightened. If you financed 100% then basically you are not in a good position to refinance. This is what s prevalent in the housing industry right now. It is not just the credit score that determines the rate, the income amount the equity, the credit to debt ratio the ability to make the payments all come into play. Hopefully you did not do 100% or more financing because then you are in reverse equity and without a substantial down payment towards the refinance, will not be able to refinance

Answer 3

You should contact a mortgage broker and have them look at your loan docs you got in escrow. Then you should do your refi based on the terms of your original loan. There is probably a very high prepayment penalty attached to this kind of loan. Most of the time it is 20% or more. Don't do anything without FULLY understanding what you are getting into. You should not have been surprised by the increase in mortgage rate on your original. That tells me you didn't FULLY understand what you were getting in the first place. There are thousands of people in our country today facing this same issue.

Answer 4

Since the intrest rates were cut yesterday I would suggest going to your bank where you have the loan and speaking with a loan officer regarding your loan. Discuss with them ways to refinance your loan to take advantage of the lower intrest rates. Tell the loan officer that you would like to keep the loan under your name as the primary. The should have a few suggestion for you. Once you here their suggestions talk it over between you and your husband and determine what would work best for you current situation.

Answer 5

Hi,
I'm the loan officer and can tell you upfront the basic.
If your husband is still having a job with stable income, yes let his name to be a borrower on the loan and you will be a co-borrower.
For the loan $160K now you can get the rate about 6% for 30 year fixed with closing cost or 6.5% for 30 year fixed without closing. (this rate is up today).
I sugget if your husband income will be qualified, please go ahead to refianiance by the end of this year. Then you can refiance anytime if rate will be down more than 0.75% in the future. anymore questions, please email me.

Answer 6

Why also not checking with your lender or realtor?
Those people know what is possible! Also check with their competitors and see what they can advise you.
Besides that check out this blog often as well, in order to get a better picture of refinance and mortgages & the latest news! It has some great articles overthere:

http://www.lendadvisors.com

Answer 7

I would suggets you both check with local lenders to see what options work best for your financial picture. It seems feasible that you could refinance to a lower rate. It's better to check with the professionals and get a firm answer to your question.

Answer 8

I'm going to give you some links for you to research your question properly, although it would appear that some of them are for people that are in foreclosure already they have information that will help you avoid it in the future and some suggestions on what you can do now to better your current situation
Government article and information on Foreclosures
http://www.occ.treas.gov/cdd/spring06b/cd/gsesusetech.htm
HUD Initiations of foreclosures, an explanation
http://www.hudclips.org/sub_nonhud/cgi/nph-brs.cgi?d=HBKS&s1=Foreclosure+procedures&op1=AND&l=100&SECT1=TXT_HITS&SECT5=HBKS&u=./hudclips.cgi&p=1&r=83&f=G
HUD: Article on Foreclosure Issues
http://www.huduser.org/Periodicals/ushmc/fall95/fall95.html
Steps that can be taken to prevent foreclosures: http://www.consumerlaw.org/initiatives/seniors_initiative/advforcl.shtml
Office of Federal Housing Enterprise Oversight
Housing Prices Appreciation/Depreciation in the U.S.
http://www.ofheo.gov/media/pdf/1q07hpi.pdf
I sincerely wish you the best on your research

Answer 9

What a heartbreaking tale, i ought to weep for you...its confusing to lose the affection of your existence, i lost the affection of my existence to a various lady...as confusing because it may sound a minimum of he died loving YOU...you nevertheless have your memories which no-possible ever take from you....yet you do might desire to pass on....it particularly is going to be confusing yet once you dont you reside on your previous and not reaping benefits from your now and looking out on your destiny. God is dedicated and he will honour you. i did no longer eat for 2 weeks once I lost the genuine love of my existence it harm in a manner I in no way theory attainable yet I even have moved on I even have had to....you will be able to desire to set your self loose from this soreness and permit the injuries start to heal...that doesn't propose you will be able to desire to ignore him or no longer think of approximately him and the situations you spent collectively...yet to your guy or woman well being and your destiny you will be able to desire to take steps to recover from his loss of existence. This probable wont be the respond you have been searching for and that i apologise for that....notwithstanding it particularly is what you will be able to desire to do. i will choose for you, take sturdy care x