I have a joint mortgage w/ my brother and we are in the middle of refinancing. I am hoping to refinance my car as soon as this refi is fully funded and am wondering how exactly DTI is calculated w/ a joint mortgage? Our current payment is $2729 and our new payment will be $2138. Minimums post-refi will be as follows:
Income: $56,000 (includes built in overtime and profit sharing/bonuses)
Mortgage: min $2,138 after refi (split 50/50 w/ my brother)
Costco Citi card: $10,270/$17,000 min $251
Chase Freedom: $4,350/$4,900 min $43
Auto: $21,399/$32000 min $470
I tried to refi my car back in March with this same CU when my scores were much lower, debt was much higher and when I still thought that Credit Karma was the only way to check your credit scores (LOL!). I have paid down a significant chunk of debt since then, wiped out my nasty 25% interest rate Discover card from over $8,000 down to $0 (!!!) and am hoping that between that and the lower mortgage payment I will actually qualify this time. I've already called my credit union and found out that they use Experian Fico 8 Auto score (mine is 747) and was told that I qualify for their A-tier rates of 4.4% up to 72 months with a .5% reduction for autopay. Not sure if it would be worthwhile to shop this or just pull the trigger? With the information above (I can provide any other necessary info if needed) is it realistic to think that I could get a better rate with someone else? The only reason that I want to stretch back out to 72 months is to lower my monthly burden to give myself more firepower to wipe these **bleep** credit cards out. As soon as those are gone I plan to throw everything that I can at the car and pay it off as quickly as possible. The goal is to be debt free except for my mortgage!
