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honey4bears · Joined: 15 Nov 2009 Posts: 2 1.39 Dollars($)

How easy is it to refinance an exiting mortage? Is it easier to refiniace than to get a first time mortage.
I don't know what to do I am confused we pay like 13% or maybe more on our land our mobile is paid off. We need to get a new mobile home but we don't want two payments we just want one the amount we owe on the money we barrowed is like 45,000 or less. We have a stable income my husband gets 2919.00 taxfree for being a Disable vet, and he get 1227.00 SSD tax free and full medical. So I know our credit will get better, right now we don't have good credit thats why we are being punished from the the Mortage company we have now American general we have had the for like 3 yrs. If someone can make heads or tails off this letter please help us if you have any information that might help us. The Brinegars

smithsussane · Posted: Sun Nov 15, 2009 8:25 pm Post subject:

Hi honey4bears!

Welcome to forums!

In order to refinance an existing mortgage, you should have equity in the property. Apart from this, the lender will also look into your credit report and income before approving a loan. As you will not be able to pay off two mortgage payments, it would be a better option to sell off your current property and then apply for a new loan. You can list the property in the market and check out if you can get buyers for your property.

Feel free to ask if you've further queries.

Sussane

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