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My partner and I co-own our home. Up until about a year and half ago, we both had outstanding credit and we're doing well financially. However, since then, my businesses have come to a halt, and my income has dropped dramatically. My debt has grown. Consequently, I tried to settle a debt with American Express, which has yet to be resolved. I have quite a bit of debt, but my partner has very little. His credit rating is still quite high. And his income is still good. He insists that we refinance. I would be the co-borrower as before. Is it better that he try to refinance the home solely on his income and credit rating and have me included on the deed, or will we still be able to refinance with the low interest rate given his excellent credit/income and my poor rating/income? Our current loan is a variable, interest only with the balloon payment coming next year (2010).

smithsussane · Posted: Sun Mar 01, 2009 8:32 pm Post subject:

Hi regularguy!

Welcome to forums!

As your credit rating is poor and you have a low income, it would better if your partner can go for the refinance solely in his name where the lender will consider his income and credit score. I think that will help him to get better rates.

Feel free to ask if you have further queries.

Sussane

evolovik26 · Posted: Sun Mar 01, 2009 9:12 pm Post subject:

To get the best terms on your refinance you will want to refinance in his name alone and then be added to the title of the property. He needs to qualify based on his income alone though. If this is done then you will still be on the title but he will be the only one responsible for the mortgage. If it sits well with both of you this is the way to go.

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Questions about refinancing with probable poor credit rating