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I know it’s very frustrating. Again, I would try just ONE credit union. TELL them your 1099 and your income varies week to week. However, you have tax returns to show proof of income.
This is one of the biggest financial decisions in your life. If you can save TENS OF THOUSANDS of dollars over 20-30 years, take the time to do the process all over. If you are not at ease with this entire process, DONT DO IT.
Also, if you can get that rate down (from originally quoted) from a DIFFERENT lender, you can save an additional $150 +/- more per month. An additional TENS OF THOUSANDS over the life of the loan.
Good luck, keep us posted!
You misunderstood, I'm not 1099, I do it as a W2. If I were 1099 it would be easy. That's why they won't go by my taxes and want to verify with employer. I think I still have PTSD from the original mortgage, lol. We had to extend 3 times, the mortgage company paid the 3rd. I was reassured it would be easier this time, but the employment verification just seems to make their heads explode, they don't know how to handle it within their rules.
I feel like if I go talk to anyone, they will tell me the same thing this one did, "It will be fine, refi's are different, we will know how to handle it" then 5 days before closing "We are having a problem verifying your employment".
I also paid for appraisal, etc. Can I use the same one for a different mortgage company or will they say it has to be through them and their people?
Also my debt to income ratio is pretty high, so doesn't that affect it?
You misunderstood, I'm not 1099, I do it as a W2. If I were 1099 it would be easy. That's why they won't go by my taxes and want to verify with employer. I think I still have PTSD from the original mortgage, lol. We had to extend 3 times, the mortgage company paid the 3rd. I was reassured it would be easier this time, but the employment verification just seems to make their heads explode, they don't know how to handle it within their rules.
I feel like if I go talk to anyone, they will tell me the same thing this one did, "It will be fine, refi's are different, we will know how to handle it" then 5 days before closing "We are having a problem verifying your employment".
I also paid for appraisal, etc. Can I use the same one for a different mortgage company or will they say it has to be through them and their people?
Also my debt to income ratio is pretty high, so doesn't that affect it?
Your appraisal is good for 6 months. However, many banks want there own. Tell the CREDIT UNION you have an appraisal. Debt to income is huge.
Again, I would try one more time with a CREDIT UNION (usually have to open a savings account with just $5)
I just think your “broker” is ripping you off. A few extra hours of your time can save you TENS OF THOUSANDS.
Otherwise, I personally would just wait.
Your appraisal is good for 6 months. However, many banks want there own. Tell the CREDIT UNION you have an appraisal. Debt to income is huge.
Again, I would try one more time with a CREDIT UNION (usually have to open a savings account with just $5)
I just think your “broker” is ripping you off. A few extra hours of your time can save you TENS OF THOUSANDS.
Otherwise, I personally would just wait.
It also depends on how long you plan on staying in the house...usually, the math also involves the # of years you stay to recoup the cost you put out to refinance...along with the overtime interest .
It also depends on how long you plan on staying in the house...usually, the math also involves the # of years you stay to recoup the cost you put out to refinance...along with the overtime interest .
Hopefully many decades. We certainly aren’t planning to move again. The scenario that I worry about would be if anything happened to my honey and I can’t maintain the place myself.
Hopefully many decades. We certainly aren’t planning to move again. The scenario that I worry about would be if anything happened to my honey and I can’t maintain the place myself.
No doubt. good planning...I usually want to lower the payment as much as possible, so that, if one person in the house falls, the other can sustain.
No doubt. good planning...I usually want to lower the payment as much as possible, so that, if one person in the house falls, the other can sustain.
Yes, but I worry more about maintenance on the house. All the things he fixes and taking care of the yard etc. I can’t even replace the water cooler jugs myself
Yes, but I worry more about maintenance on the house. All the things he fixes and taking care of the yard etc. I can’t even replace the water cooler jugs myself
You'll learn stuff, believe me. I was talking to a friend last night who has lived in her house for over 40 years. She's been widowed for just over a year. She's getting a new furnace today and didn't even know that her old and new furnaces were gas appliances. Her late husband always took care of everything in the house, so she knows nothing about how anything works. She was amazed at my discussing sump pumps and generators, even though they're basic stuff imo. You can always ask your honey about the things he fixes around the house and make a list of regularly-needed maintenance items; there are plenty of home maintenance lists available online as well. And if you want advice and guidance on taking care of the yard, especially if you have gardens, you can always consult your local Extension Agent. He or she will have tons of information available to help you get a great lawn, grow beautiful flowers and shrubs, or nice big veggies!
You'll learn stuff, believe me. I was talking to a friend last night who has lived in her house for over 40 years. She's been widowed for just over a year. She's getting a new furnace today and didn't even know that her old and new furnaces were gas appliances. Her late husband always took care of everything in the house, so she knows nothing about how anything works. She was amazed at my discussing sump pumps and generators, even though they're basic stuff imo. You can always ask your honey about the things he fixes around the house and make a list of regularly-needed maintenance items; there are plenty of home maintenance lists available online as well. And if you want advice and guidance on taking care of the yard, especially if you have gardens, you can always consult your local Extension Agent. He or she will have tons of information available to help you get a great lawn, grow beautiful flowers and shrubs, or nice big veggies!
Thanks! My niece is the one who fixes and maintains everything in her home, and she has her 4 year old daughter carrying a tool kit and helping her. I think everyone should do this with their daughters.
If your house is appraised at 216,000 you should not have been paying PMI after you had the amount owed paid down past 172,000.
172,000 is 80% of 216,000
The mortgage company won't voluntarily cancel your PMI. You have to ask for it once you reach the 80% equity threshold.
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