ital1077
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« on: December 08, 2009, 12:30:13 PM » |
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Hello all,
I have a refinance question. I wanted to refinance my mortgage through my current lender. However, they will not refinance because my debt ratio is high. The reason it is high is that they will not include rental income from my 2nd house in the calculation of the debt ratio because I just started renting it. I was told they do not include rental income from properties that are rented out less than a year. I wanted to know if this is an industry standard and have to wait a year before I refinance or if this is isolated.
Thank you in advance.
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heidrek
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« Reply #1 on: December 14, 2009, 08:00:57 PM » |
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you can probably find another lender who will work with you more readily. If you can provide your rental income history they will make an assesment of what they consider to be a conservative estimate of the annual income from rent and use this to calculate your debt/income ratio.
you can get quotes online pretty easily and this is a good way to find out who the best players int he market are. There is a site in my sig that can help you with this if you're interested.
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tedi055
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Mortgage Specialist
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« Reply #2 on: May 07, 2010, 01:21:48 PM » |
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Hey good day first of all. You should be able to find a lender that will work with you. you might want to look into an FHA loan as the guide lines allow you to count up to 85% of the rental income towards the debt to income ratios.
As far as i know the lender should be able to use 75% of the rental income if you are looking to do a conventional loan, And they should be able to consider that income to calculate your debt to income ratio.
I hope this information helps.
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sifulff89
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« Reply #3 on: May 08, 2010, 03:45:22 AM » |
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These calculators answer the question, "will refinancing reduce my total financing cost?" The calculators force potential questioners to collect the information that affects the decision. Once they have it, they only need to enter it into the calculator, as I would do, to get the answer -- so they don’t need me.
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bbdirect
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« Reply #5 on: May 26, 2010, 10:51:37 AM » |
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each lenders have their own policies and standards. You can find another lender that is willing to lend you money and the standards are not that high.
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collen
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« Reply #6 on: November 17, 2011, 09:04:54 PM » |
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you can approach some mortgage professional to have better understanding in that matter but typically looking for another lender who can accept your stand.
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Katty
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« Reply #7 on: December 09, 2011, 01:00:03 AM » |
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Adjustable mortgage rates are a certain kind of mortgage rate that fluctuates, or adjusts, every month. The adjustment is in response to market forces that go up and down every day.
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« Last Edit: December 09, 2011, 01:01:57 AM by Katty »
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jass
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« Reply #8 on: January 16, 2012, 05:46:23 AM » |
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Real estate loans usually have income tax effects. Before rushing into a new loan, consider having your figures checked by your tax advisor. Talk to your current lender. They may reduce some of their fees in an effort to keep your business, or because they may have reduced paperwork.
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hermans25
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« Reply #9 on: January 26, 2012, 10:14:41 PM » |
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Finding another may be good idea, you can at least compare are both lenders saying the same about to your debt and refinance.
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