Home Loans and Support

Interest Rate for Mortgage Refinance

Discussion in 'Refinance' started by Tankus, Dec 11, 2012.

  1. Tankus

    Tankus LoanSafe Member

    I'm new here, and would love some answers. I don't usually handle this stuff, but my husband has to go back and forth overseas for work, and need assistance ASAP. It's unfortunate that his new job does not pay for his family to live over here. But we have a 30-year fixed rate mortgage, and we can't sell right now because our home is a Jumbo loan with a mortgage value of 575k. We tried listing the house, but no one in the areas seems to be paying that much to buy a house right now! I've been looking for work, but nothing pays what I need right now. I've been working but my paychecks only cover our utilities and basic essentials. Me and my husband have been talking and have decided that a refinance would probably be best right now. What are refinance rates right now?
  2. Erik Sandstrom

    Erik Sandstrom Mortgage Expert - Call 1-800-779-4547

    Hi Tankus,
    Welcome to LoanSafe, you found the right place to all your mortgage related questions.

    Sorry to hear about what you have been dealing with so far and I hope your situation is resolved. Regarding what you have written above there's a few things I am concerned about, I will break that down below:

    1. Employment History - You mentioned that he has a new job, you will want to show a stable work history for 2 years. If he has accepted new employment it must be in the same line of work from the previous employer and no job gaps from employment in order for the income to be considered under a conventional/FHA loan.
    2. What is the value of the property? If you owe more than the home is worth the only form of traditional financing available to underwater borrowers at this time is the HARP program. I'm assuming because of your loan balance that your loan is not backed by Fannie Mae or Freddie Mac. This is one of the requirements to refinance under the HARP program.
    3. Is your husband being paid through US currency or is it another form? If it's another form we would need to calculate the conversion ratio and also determine how a verification of employment would be completed.

    Programs would start at 96.5% Loan to Value for FHA and 95% LTV for conventional, both of these loan products would require Mortgage Insurance.

    With all this being said the interest rate you would qualify for would depend on a few factors. It might be best for you to shoot me an e-mail or phone call and we can discuss your scenario in detail to find out what you're qualified for and if it makes sense.

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