Question by GreenFeather: I bought a home to share with friends but it is in my name how can I refinance?
My friends and I jointly make enough to pay the mortgage but it is very high and we would like a break. Non of us individually make enough money to pay the whole thing so I am having trouble refinancing. Any Ideas?
Best answer:
Answer by Alterfemego
If you qualified to purchase this home, why do you now not qualify to refinance?
Have you tried Lending Tree? Otherwise, maybe asking your lender for a loan modification.
Add your own answer in the comments!
Do your friends pay rent to you? If you can show 12 months of what is called tenant income you may be qualify with that plus your regular income. Let me know if you need more info or help.
Is the loan in your name only? How did you qualify for it by yourself and now can’t qualify to refinance? It really doesn’t add up. You should also check and see if it would be worth refinancing, check your interest rate now and what it would be if you did refinance and include the costs related to doing a refinance. Watch how rates are doing in your area and check with different banks and credit unions. There is a lot going on with home loans right now. Did you get an adjustable rate that’s come up? Can you and your friends get a loan together?