My current mortgage rate is 5.25% and I have 26 years left on the note. I am hoping to refinance into the lower 3%s and do a 20-year note (because my payment would be about the same if I did that, but I'd be able to pay it off much earlier! I do not plan to take any additional cash out, I just want to shorten time and interest rate). Here's a sum of my qualifications:
Home value: 400k+
Amount currently owed: 339k
Current interest rate: 5.25.
Been with my current employer for one year but in the same industry for 6 years
Income: 95k plus bonuses
EQ FICO is 707, EX FAKO (Plus score) is 717, not sure on TU. No BK, foreclosures, etc. but I do have a few lates that are 2-3 years old and two paid medical collections from 2010 that I am working on goodwilling that were only $65 and $200. My credit since 2010 is spotless but like I said, I have a few baddies from 2009-2010 only.
I have three credit cards (two Chase, one BoA), one with zero balance and two with a $200 balance each (on two of these, I'm the cardholder, on one I'm an authorized user). Total limits are around 60k so my utilization is very low.
Only other debt besides my mortgage is 78k in student loans. I don't have a car payment right now.
AAoA is over 12 years and I've had four mortgages since 1999 including some rental properties, never a late payment on any of them.
I have about 6k in my savings account and 6k in a profit sharing plan at work.
Here's the catch. I am currently the only person on my mortgage because I've been in the house since before I married. My husband had a foreclosure about 1-2 years ago before we got married. So in order to qualify for the best rates, I want to keep the mortgage in my name only. But my income has decreased some since I first bought the house (strategic move on my part as I'm at a new job where my income potential in the next few years will skyrocket compared to what I made before). Our income together is just under 200k, but by myself I'm at 95k. That puts my personal DTI ratio at about 40%, even though if I counted my hubby's income we are well below the 36% mark. Is that too high? Am I going to qualify given my baddies, or are they old enough that it won't matter? Will I qualify for a good rate with low 700s scores? Will mortgage companies insist on running my husband's credit too?? Given his recent foreclosure, I know we can't refinance the house into both of our names at any kind of decent rate...
All advice is appreciated! Thanks in advance!
ETA: deleted some more personal identifying information since no one is responding and I don't want to keep this information "out there" and I don't know how to delete a post!
