Would I have any issues refinancing my mortgage?

Question by streetkings01: Would I have any issues refinancing my mortgage?
I’m currently looking to lower my mortgage payments by refinancing. My and my wife purchased a home in Aug. 2008……we are looking to refinance but my wife was laid of from her job in Feb. of this year. Since she is not employed but is collecting unemployment……would that be an issue with refinancing since she has no income coming in from a job?
My annual gross salary X 3 doesn’t add up to the total value of the home, but I haven’t been late on a payment once! I dont know how much the appraisal will be, but I did redo the kitchen, changed all the windows & doors…..so the value should be more than the original appraisal, plus the other townhomes in my complex have been selling for more than what I paid for the last 6 months. I mean I dont see an issue with lowering a payment that I’ve proved is not an issue handling…..so why would it be an issue handling a payment that would be $ 100+ cheaper? This is just my opinion and the banks have different criteria……but thats the reason why I’m asking the question.

Best answer:

Answer by wizjp
uh…will lower your ability ro repay and probably your credit score a bit.

Might be better to wait till she is back to work IMHO

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