We recently applied to refinance our mortgage. During the process my husband got laid off so we were denigned.
I made $110k /year. My credit score is 800+. Our mortgage is 500k and my house is valued at 1 million. My questions are,
1. Shouldn't I be able to quality for the mortgage on my own merit without my husbands income?
2. They came back to us and offered us a 7 year arm at a very low interest rate. My gut says 'hell no I'm not risking my house to a variable interest rate when I'm locked in at 6.2%".
3. we owe 3k on property taxes that could be rolled into the 7 year arm but I would rather pay for them on our rainy day fund. My husband says everything he's heard about being unemployed is to hang on to your cash.
So, should I pay my property tax bill with my rainy day fund and keep my 6.2% 30 year fixed mortgage? Or, should I go with the 7 year arm of 4.6% roll in our tax bill drastically reducing our monthly bill for now, hoping my husband gets a job and refinance after he does?
Asked by Anonymous at 2:39 AM on Jun. 19, 2011 in Money & Work
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Answer by tcskids at 10:39 AM on Jun. 20, 2011
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