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Profile picture for tomprocopio

Is it possible?

I bought a home in 2008 and was laid off in 2009.
I am now on SSI making much less then when I bought the house.
I now have a 4.5% loan
Is there anyone that will refinance at a lower rate with a high debt ratio but not behind on anything? 
  • November 02 2013 - US
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Answers (5)

Profile picture for atwittsend
You are most welcome!  Bless your evening!
  • November 03 2013
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Profile picture for tomprocopio
Thank You
  • November 03 2013
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Profile picture for atwittsend
That makes sense.  What you should do is check with a reputable Lender to see if there are any programs out the to help with your situation.  Just make sure they clearly disclose the structure and the end game.  The 4.5% is not a bad interest rate by any stretch.  Even if there are programs out there to reduce that amount, in the end it could put in place other issues that would have to be dealt with later.  It's always best to stay with the cleanest, simplest loan you can. 
  • November 03 2013
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Profile picture for tomprocopio
Yes its fixed 
Was jet looking to lower the payments if possible

Everyone I talked to won't do it because my debt ratio is too high
even though I am not behind on anything
  • November 03 2013
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Profile picture for atwittsend
It sounds like you may be in about the best possible position already, however, it never hurts to contact a Lender and ask the question.  Keep in mind to refinance, there will be new loan charges you will have to pay.  Is the 4.5% fixed?
  • November 02 2013
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