Going from Two income to one in the middle of a refinance
We are in the middle of refinancing our home-rate locked in, appraisal done, waiting for the commmitment letter from the bank. I just found out I will be laid off probably just after the scheduled closing in mid-july. DH makes the bulk of our money and as such our debt to income ratio(before taxes) for this refinance with just DH's income will be below 30%. At the time I signed the application form, I was not aware that my work situation will change this drastically.
My question is do I have to disclose about the change in job situation before closing? We will not have a problem making the payments-infact we are currently paying 600$ more! The day after we signed the rate lock the rates jumped up and now we are seeing nearly a 1% hike in rate. I am worried that making changes in the application will mean that we will lose the rate lock and cost us a lot of money!
Thank you for any advice