Posted on: 21st Feb, 2009 11:26 am
first, let me say i know absolutely nothing about mortgages or the "lingo"... so, please be patient. :)
my husband and i bought our 1st house in june of 2007 for 117,000. our interest rate is 6.8. our payment is $1011. we are in a lot of debt. our car payments total to $781 and credit cards are usually around $100. he also has students loan payments of $136. our problem is that he has very high blood pressure and is having to work 2 jobs just to make our bills every month. we also have a 3 year old and a new baby. is there any option for our situation? his income for 1 job is $22 per hour at 40 hours per week and the other is $11 per hour at usually around 20 hours per week. would it help us to refinance. i know if we ever did, i would want a 15 year loan instead of a 30. thanks for your time!
my husband and i bought our 1st house in june of 2007 for 117,000. our interest rate is 6.8. our payment is $1011. we are in a lot of debt. our car payments total to $781 and credit cards are usually around $100. he also has students loan payments of $136. our problem is that he has very high blood pressure and is having to work 2 jobs just to make our bills every month. we also have a 3 year old and a new baby. is there any option for our situation? his income for 1 job is $22 per hour at 40 hours per week and the other is $11 per hour at usually around 20 hours per week. would it help us to refinance. i know if we ever did, i would want a 15 year loan instead of a 30. thanks for your time!
Welcome christensenellis,
Apart from the income, the refinance will also depend upon your husband's and your credit score. If the credit score is good apart from his income, then only you will be able to refinance the loan at a lower rate.
Apart from the income, the refinance will also depend upon your husband's and your credit score. If the credit score is good apart from his income, then only you will be able to refinance the loan at a lower rate.