Refi Lender

330xigrl · Joined: 07 Nov 2006 Posts: 8

I currently hold the mortgage (80/10/10) libor and looking to get out of it. Is it possible to do a refi loan where:

1. its only under my husbands name.
2. he's self employed and needs no doc.
3. his credit score is 715 and just about 10yrs history.
4. he has cars and a few utilities in his name.

When we originally did the loan 3yrs ago, we put it under my name to be stated, but now hes score is significantly higher than mine, so just wondering if we can do this. Also what would the going rate be? We're in long island NY.

thnx

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

The basic answer is probably, but my question to you would be why are you 'looking to get out of it.'

330xigrl · Joined: 07 Nov 2006 Posts: 8

cos it seems sooo HIGH! The rates now seem better than where the libor seems to be continually creeping to. Every month for the past 2yrs has increased by .25. I'm freaking out.

80% loan is currently @ a rate of 7.5%
10% loan (heloc) is currently @ a rate of 10%

We also would like to redo our kitchen. So I was thinking we refi as well as get some equity out for the project. Does this make sense to do?

DallasLoanGuy · Joined: 26 Sep 2006 Posts: 169 Location: Dallas, TX

how long has he been self employed?

if 2+ yrs, then you will be looking for 'stated income' or 'no ratio' instead of 'no doc'

330xigrl · Joined: 07 Nov 2006 Posts: 8

he's been self employed for 1 year.. and his prior filings do not reflect a supportable income for the mtg (changed biz name just last year). however, my income does ($115k).

the initial purchase of the home was 410k. we owe $326k. based on comparables, we guesstimate the home is worth $580k.

DallasLoanGuy · Joined: 26 Sep 2006 Posts: 169 Location: Dallas, TX

changed biz name last yr?

but still in the same line of work for 2?

if you answer yes to both above.... you will be able to swing a stated income loan.

with the payoff/value below 60%.... you will get an awesome prime rate

330xigrl · Joined: 07 Nov 2006 Posts: 8

DallasLoanGuy wrote: changed biz name last yr?

but still in the same line of work for 2?

if you answer yes to both above.... you will be able to swing a stated income loan.

with the payoff/value below 60%.... you will get an awesome prime rate

1. yes
2. i believe so. we still sell pc equipment. however the market has changed. instead of selling a pc to lets say an insurance office, we build/sell pc's for car audio setups. This is good enuff rite?

So, now if we do stated, doesnt his yearly income have to reflect an amount that is able to pay the loan and his existing debt comfortably w/ x amount left over monthly?

chow · Posted: Wed Nov 08, 2006 10:08 am Post subject:

Yes, but each lender has different ratios they use. Be honest with yourself and look at the total income, and monthly bills you have now. The Loan officer can't state the income to make it work. You state that. They also have to go off of the reported amounts on the credit bureau. If you have an amount for a revolving debt that is always changing, say retail charge cards or visa, MC, Amex-pay off the little ones and quit using them for a while. Any bills that will be paid off in less than 6-10 months usually don't have to be included, but that doesn't count charge accounts. (Cars and other closed end accounts)

330xigrl · Joined: 07 Nov 2006 Posts: 8

since we bought the home we've been making 15yr pymts, so I think we're ok.

my question was really towards our options of putting the loan under his name only since his fico is higher than mine.

i'll just contact a lender and see what happens.

thnx for the assistance everyone.

DallasLoanGuy · Joined: 26 Sep 2006 Posts: 169 Location: Dallas, TX

and your answer is yes. yes, he can put it in just his name.
depending on the state, you may be on the deed(title). but he can do the loan himself it looks like

330xigrl · Joined: 07 Nov 2006 Posts: 8

DallasLoanGuy wrote: and your answer is yes. yes, he can put it in just his name.
depending on the state, you may be on the deed(title). but he can do the loan himself it looks like

yep, we have that now as well. we're both on the deed.

thnx again Dallas.

dj_laugs · Joined: 10 Nov 2006 Posts: 36 Location: Lake Luzerne

There are many ways that lead to rome I guess.. :D

dj_laugs · Joined: 10 Nov 2006 Posts: 36 Location: Lake Luzerne

well.. how is that for soliciting business? :D

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Yup, and it's gone ;)

tmills312 · Posted: Tue Nov 14, 2006 5:15 am Post subject: We do all refiances

I think you missed the point of this forum.

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