Quote:
Originally Posted by pawel31
My In Laws have house in NJ, market value 280K, mortgage 135K , 4% interest . balloon payment in 2017.
She is on disability 13000 a year, he makes 17 000. My wife is co-owner of the house and she help with mortgage. Because of their income they cant refinance, even though they have more than 50% equity.
Any suggestions?
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Who is the loan with now? You could check with them to see if the balloon has a reset option or a renewal option. The interest rate could change based on rates in 2017.
Or, since it sounds like your wife is already involved in the property, she and the in laws could all 3 qualify for a regular conventional mortgage (assuming your wife's income gets it over the hump). If your wife doesn't have any income all 4 of you could be on the new conventional loan. You and your wife would be 'non occupant co-borrowers' and you could take advantage of today's low interest rates. It would be an 'owner occupied' deal as the in laws reside in the home.