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.
Answers | 1
Answered by Paul Carson, Loan Officer in Conshohocken, PA
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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