Question by : mortgage refinance declined due to low income? around a year ago we tried refinancing the mortgage with our lender indymac . At first they pre approved us. Then we gave them everything and they even asked for 300$ for the work. Eventually gave out all the paper works they asked for 6 months and they ended up declining and stated that our income was too low.We bought the condo for 479,000 about 5 years ago and now its estimated to be at 510,000.We have 2 mortgages for this condo. The first mortgage interest is 7.25% and was at 384,000 now its at around 363000 another mortgage is at 9.25% at 95000 now its at 92000. The total mortgage is at 3400$ for both these mortgages. The combined gross income is 116,000. After tax it the income ends up becoming 6000$ a month, and with the bills the credit cards and a summer house it all adds up to about 6500$ and thats not even including the cost of food. For 4 people we spend about 300$ on food which in total is 6800$ . we wait for the income tax return which is at 6000$ and once every 6 months we get vacation money which is 2000$ and thats 4000$ in a year. 10000$ extra goes into paying for the credit card loans that we take because we have an insufficent amount of 800$ a month. Since our mortgage lender declined is there anyway to refinance? Thanks for your help put no downpayment for the mortgage around 3900$ with every bill associated with this condo about another 900$ for the summer house 200$ for car insurance 1000$ for credit cards. 400$ driving to work. and 300$ on food = around 6800$ Best answer for mortgage refinance declined due to low income?:
Answer by Equality
No since the mortgage rule is NO more then 3 times annual income. That is 332k and you owe more then that. You need to cut your spending and eliminate CC debt. Sell the summer house and learn to do without.
Answer by the kid
You DON'T have enough income. Usually you qualify for about 3X your yearly. In your case, that is 348K. You need to borrow 455K. Doubtful you will find any lender to refinance with. even if you could, you wouldn't drop your payment by $ 800 You have an $ 800 a month shortage but you have a summer house that requires a $ 900 a month payment. Makes sense. Sell it, or get a second job.
Answer by madamsmall
Sell the summer house, how can you justify it when you can't even pay for your primary home? Put that income tax return and "vacation money" onto your credit cards. You need to downsize. If your home is worth more than you owe, SELL. Get something you can afford before you get foreclosed upon. You can't keep this up forever.
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