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drillboy1 · Joined: 20 Aug 2008 Posts: 22 11.81 Dollars($)

I am currently paying a high interest mortgage because I refinance a few years ago and consoldidated all my bills and in the past year my credit has gone bad. I do pay my mortgage on time and also belong to a debt management company. I would like to refinance my home by putting another person on the mortgage to get my mortgage payment lowered or even just get the interest lowered. Do I have a better chance getting it refinanced if I have a co-borrower. I know I could make the payment because I paying a large one now.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi drillboy.

Welcome to the forum. If the co-borrower or the co-signer has good credit and income then it would certainly help you to get approved for the refinance loan.

BTW how much do you owe to the lender and how much is the present value of your property? Do you have ARM or FRM?

Best of luck,
Larry

drillboy1 · Joined: 20 Aug 2008 Posts: 22 11.81 Dollars($)

I owe 149,000 and I also have a 15,000 equity loan. I think I could get at 175,00 for my house and it is a FRM. I am paying 1367,00 a month for my mortgage needless to say I know it is way to much.

sara

Hi drillboy,

welcome back to forums.

If the co-borrower has good credit, it will surely help you refinance at better rates since your credit has gone bad last year. Adding a co-borrower isn't helpful otherwise except that you can take into account his income and credit while applying for the loan.

Since you have an equity loan, what I'd suggest is that you refinance the first with a cash-out involving the combined loan balance of the first and the equity loan.

You can start shopping for a loan and look out for rates and offers that you may qualify for. You may also send in your request for no-obligation free mortgage quotes to the lenders in this community and find out what they can offer you. Based on the different offers, you can make a comparison and then choose the right loan program for you.

Take Care

jmiller · Joined: 04 Sep 2008 Posts: 13 5.75 Dollars($)

With bad credit you need more equity...
With good credit you need less equity...

Depending on the equity in your home, that will determine what you can do.

I am a Mortgage Professional, and I do stand by everything I post

Wholesale Financial
Jamila Miller - Mortgage Coordinator
888-789-3998 ext.301

gmakerley · Posted: Fri Sep 05, 2008 9:11 am Post subject:

drillboy, does your monthly payment include taxes and insurance as well as the loan payment? if so, it occurs to me that you're paying a reasonable amount of money for that debt.

i won't necessarily disagree with jamila in her overall theory; but if you seek an fha loan, you can cash out up to 95% of the value of the home; 97% if you're doing a no-cash out refinance. rates on those loans are still pretty favorable.

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