Mortgage advice needed to refi..
I am trying to repair my credit.(675), In June I will have 12 mrtg payments on time and want to refinance the house. I did not qualify for a modification to lower my interest rate (6.5%), they did however put my 2 late payments on the end of the loan. My husband is not on the mortgage,we were not married when I bought the house. I have 2 credit cards with high % owed. I am going to take a TSP loan and pay them down to 10 %. My husbands credit report only has 2 cc on it with low balances. His score is 638. We are in need of a new car. Here's the big question... Should I refinance with him on the loan ? He profits 25 k after tax $. (self employed carpenter) I gross 55k. Would using his income and his credit get us a lower interest rate on a mortgage? If we get a new car on his credit would that effect getting him on the loan.( reasonable 20 k car)? Also how long after paying down my cc debt should my cc score improve? by kaceyf_736_489 from Tempe, Arizona. Feb 16th 2012
Sandy McKee (smckee)
#41 ranked lender in Arizona - 23 contributions
Wait for HARP 2 program in June when you have 12 months on time. It probably does not make much difference adding him on but will depend on program guidelines yet to be released. Your scores will improve depending on how much you pay down cards. Please call me at 520-907-3225 if you would like to discuss. Thank you, Sandy
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
If your credit is 675, then you should be able to refinance now... (current guidelines state no more than one late payment in the last 12, and zero in the last 6 months). I'm here local (Scottsdale) and would be more than happy to look at your complete profile to help you get your mortgage refinanced... WilliamAcres.com 480-287-5714
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
I am located in Chandler and would be happy to discuss this in better detail. Additional information is needed that make sure the answer and direction you go is accurate. Please give me a call at 480-889-9000 to discuss the best plan for you.~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com
Ralph Richard Guertin (ralph@absolutelowrates.com)
#58 ranked lender in Georgia - 807 contributions
Hi, if you qualify using just your income no need to add your husband, you don,t get a better rate for making more money but you do get a better rate for higher scrores and LTV... Harp 2 seems like a great place to statrt in a month
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