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Refinancing and going stated/CharlesAny advice


Guest KARENMW67
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Guest KARENMW67

I'm refinancing to get out of escrow and pay all my credit cards totally off. Flagstar has been steadily uping my house note to a ridculous $1572.00 from $1100.00( PMI is included in this ) Loan was @ 8.00%,taxes are $3000.00 and insurance should go down to $1400.00 from $2100.00, ( found a new company ).I believe when I bought the house the taxes weren't calculated right and they're still behind. I'll pay my own insurance and taxes. It's like being behind the eight ball. Anyhow, I called an associate who referred me to a mortgage company, I want to know what to look out for. She ordered my scores and said that I can go STATED, because my husband is the bread winner, but my credit is better. Only my name is on the house. Also how can I get his name on the house in case something ever happened to him ( being the bread winner, GOD knows I hope not,I've been with him for over 15 years), or me and have it go to him. If his name is on title , we would have to refinance together, right? Charles, I know that you are an honest person that leads people in the right direction. I don't want to miss anything. I did read some of the stickies, but still just need it spelled out.

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Thanks for giving me a call.

After thinking about your options, I think that the best thing you can do is contact Flagstar, the insurance company that they used for your mortgage insurance (PMI is only one of them that offer the same services) and see if with a new appraisal they will remove the insurance fee, since your LTV when you use current home value is less than 80% LTV. It is worth a try.

As far as refinancing. By the time you pay all of the fees associated with doing a refinance, I dont think that it is a wise decision. I would suggest that you wait until your scores are higher and your new job gets you to the point income wise where you dont have to go with a stated income loan.

Charles

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