We want to refinance our houseare we in trouble?

Britney
We were discussing refinancing before all of this sub-prime mess started to happen. Now I'm wondering if it's a bad time and if we'll have a problem securing a loan. We have good credit and not a ton of debt. Perhaps it won't affect us???

Elias
If you are what the industry calls "in the box" with good compensating factors you are good to go.ie: high FICO score, money in the bank, job stability in the same line for 3+ yrs, not a high loan-to-value, & a low debt-to-income ratio

Ciera
Sub prime loans only effected people with shaky to bad credit. There should be absolutely no problem obtaining a regular conforming loan, especially since you have good credit. Talk to a mortgage lender, it's not as bad as the media is making it out to be. You're not in trouble, besides the interest rates are going to go down in the next 2 weeks.

Delia
You are correct, if you have good credit you are not effected by the sub-prime hoopla. You are not sub-ptime, but a normal borrower.

Jessia
Not to worry, if you have good credit, no lates on your current mortgage, and don't have too much debt you should be ok. Contact a mortgage broker and they can probably find a great loan for your situation. They'll probably go mainly off your debt to income ratios, which depending on the lender should generally be under 40% (sometimes under 50%) for all your monthly debt including mortgage payments. The quickest way to figure this out is to add up all monthly (minimum payment) bills that directly affect credit, i.e. new mortgage, car, education loans, and credit cards. and divide that monthly amount into you income, which should come out to be some sort of percentage. if it's below .40, you should be fine.

Darlena
Just go out and test the waters. Check with Ditech or another well known company. Also check your news paper for going rates. Rates are not actually that bad right now. The most important thing is not to pay points and be sure to get something fixed or atleast fixed for as long as you think you will stay in your house. For instance, if you are going to move in 2 years go ahead and get a 5 year arm. No point in paying for a 30 year if you are only going to be there a short period of time. I would not do anything less than a f or 6 year though. Pit companies against each other. Get a quote faxed to you and get other companies to try and beat it. Rememberr just say no to points. Also, negotiate your rate and closing costs. You don't have to take their first offer.

Brunilda
Go ahead and apply but use a bank that does not charge any fees. They will let you know current rates.

Floy
Actually mortgage rates have come down since we bought our home in February but why wait. You can go to bankrate.com and compare rates. Mortgage companies are being very selective now in who they will loan money to but if you have good credit and little debt you should be ok. Bankrate.com even has mortgage calculators so you can get a feel for what payment you will have. Good luck to you.

Nola
You will probably be fine. Look for interest rates in the 6%-7% range and if you do better then you have found a real win! Sub-Prime doesn't mean there are no more loans out there.This event that is happening was predicted long ago, but there were greedy people who really should not have been approved for a loan that were approved for loans and now they and others are paying for it. Expect to provide the same kind of documentation that you provided when you went for the first mortgage. Pay Stubs, tax returns bank statements and gather them in advance. This time you will still have an appraisal, perhaps a survey and not have to spend time in the hunting phase but, everything else is much the same-Good Luck.

Carylon
I think u should be fine hunits not a good time to buy a house but to refinance your house u should be fine..

Ashanti
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