Asked by jason  |  Submitted June 16, 2016

My current mortgage is at 6.5%, I'd like to refinance to a lower rate and replace the roof. Is this doable? How much will closing costs be?

I purchased in 2006 for $85,000 when the value was $105,000. I owe $76,000 and I make $1,203 a month in SSD.

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  Answers  |  1

June 21, 2016

It may be doable but it depends on what your credit scores are and what you can carry in terms of a new mortgage. Ultimately your DTI (Debt to Income) Ratio needs to be at an approvable level. Where is the property located at?

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