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 joeblow
Joined: 04 Nov 2009
Posts: 1
1.36 Dollars($)
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 Posted: Wed Nov 04, 2009 8:56 am Post subject: Refi / Consignor |
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Hello -
I currently have a 1st mortgage and HELOC that I would like to combine together under a refi. Plenty of equity in the house (about 60% LTV) and my credit score is excellent. Problem is ... I'm out of work and have been for 2+ years. My parents are willing to cosign/guarantee the refi and have excellent credit and personal balance sheets, but they are retired and don't collect much income. So my question is ... can I get a low rate refi based on strong LTV, excellent credit score, and strong cosignor, even though neither I nor my cosignor earn salaries at the moment? |
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sonjakracine
Joined: 24 Oct 2007
Posts: 69
Location: Lafayette,IN
13.58 Dollars($)
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| Posted: Wed Nov 04, 2009 9:32 am Post subject: |
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Although you have a lot going for you the fact there is no income is a deal breaker.
_________________
Sonja Racine
Home Mortgage Consultant
www.wfhm.com/loans/sonja-racine |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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| Posted: Wed Nov 04, 2009 12:10 pm Post subject: |
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first of all, you need to be a wage-earner as a borrower; your parents don't necessarily need to be, what with retirement income, etc. but their lack of income doesn't help you at all. nobody lends purely on credit anymore.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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