Can i refinance a 1st and 2nd mortgage if i lost my charge but my wife still works?
Answers:
Only if your wife makes enough to fully cover the exotic payment
First, add together the balance on the first and second mortgages. Next, Multiply your wife's gross annual income by 3. If your wife's income times 3 is greater than the total of the mortgages, you are within the ballpark (if also depends on appraised value, debt-to-income ratios, etc.). If your wife's income times 3 is significantly below the total, most plausible not.
It all depends on income. If she makes plenty so that her debt/income ration is low you can re-fi.
BUT------------
What I would suggest here is that you ask the bank to modify your loan to lower your rate. Many banks allow 1 modification lacking having to go through a full closing. Some times this will be a "point" or so excise charged to do it, but that " point" is TAX DEDUCTIBLE....
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