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And more refi questions...
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Posted by tishtoshnm (My Page) on Thu, Jan 8, 09 at 23:01
| We have a 1st and 2nd mortgage with Wells Fargo. We contacted them about refinancing but since we had obtained our original loan, my income has dropped, considerably, thereby skewing the debt to income ratios. To fix the ratio we either need more income or less debt.
Since the 2 go hand in hand, I have now returned to full time hours. How long should I realistically wait to approach the question again. I have worked at the same company for 6 years at varying hours. Will just 2 paystubs be enough? Does anyone have a crystal ball or an educated guess on how long these rates might remain low. We currently have 6.375 and yesterday were quoted 5 1/8 which would have saved us $233 a month on the first mortgage alone. Thanks for any time. |
Follow-Up Postings:
RE: And more refi questions...
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| I just applied for a refi and they wanted both my last two paystubs and my W-2s for the past two years, as well as contact info for both my current employer and past employers up to two years (I changed jobs 1.5 years ago). How much weight they will give your current salary vs. what you've been making, I don't know, but they will look at two years. |
RE: And more refi questions...
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Tish,
It *really* depends on the competence of your loan officer. There are different ways (and different programs) that can be used to get un-seasoned income included in the acceptable ratios. If your current loan officer is stumped, maybe interview another? Luck,
Dave Donhoff
Leverage Planner |
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