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Answers (4)
- Jason & Amber Gardner, "Gardner Team"
- Contributions:212
Contact a mortgage lender to find out options that are available to you and your specific needs.
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Jason and Amber Gardner
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Jason and Amber Gardner
- Michael Dolan, "BrokerPro"
- Contributions:277
The first thing you want to do is make sure your debt to income ratio works out.
Add all your monthly payments (both houses) car, etc.
Then add up gross income (before taxes) and rental income.
The rule of thumb is that your debt needs to be less than half your income.
Add all your monthly payments (both houses) car, etc.
Then add up gross income (before taxes) and rental income.
The rule of thumb is that your debt needs to be less than half your income.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
As long as you have sufficient equity in the property and everything else is inline you should be OK.
Happy funding, Rudi
Happy funding, Rudi
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
I wouldn't want to live in a mortgage either.
Refinancing a property which operates at a loss is not uncommon. It is not probelmatic as long as your other income is sufficient to support your current housing obligation, other expenses, and the monthly loss as indicated on your Schedule E.
How much is your current loan balance and how much is estimated property value? That will be the first main factor to determine if refinance is realistic.
we need to refinance our mortgage. are not currently residing in it which makes it tricky, advice?
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