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Mortgage Refinance Question

Regular Contributor

Mortgage Refinance Question

The house that my wife and I currently own is under her and her fathers name because of how poor my credit used to be. My credit has improved drastically and want to refinance to take her dads name off of the mortgage and put my name on it. My concern is the number of recent inquiries and open accounts from my end. Let me know what you guys think about approval odds. Thanks! Here is some current data:


Mine     EX: 726                         Hers     EX: 712

              TU: 737                                      TU: 710

              EQ: 732                                      EQ: 725


No derogs                                                                                         1 Medical collection for $450 from 8/2013

AAoA: 2 years 11 months                                                               AAoA: 6 years 8 months

Oldest: 12 years 4 months                                                              Oldest: 14 years 5 months

8 recent inquiries                                                                              1 Recent inquiry

12 open accounts (8 opened since Jan. 2019)                           1 open account 7/2019

Utilization: 1%                                                                                    Utilization: 1%

Combined Income: $143,000


Original Home Purchase Price: $244,900

Current Owed: $219,988


Current Appraisal $299,400


If there's any other information you think is needed just let me know and I can provide it. THANKS AGAIN


Established Contributor

Re: Mortgage Refinance Question

Don't see any problems there, maybe the UW asks for LOE for the recent accounts but you also have 1% util- no worries there.  App away

" EX 718 EQ 747 TU 737 MMS 742"
Message 2 of 4
Established Contributor

Re: Mortgage Refinance Question

Based on your scenario, you are a piece of cake. Piece of crumb cake!


Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo, Portfolio and Non-QM Loan Products. Licensed in AL, AR, AZ, CA, FL, GA, ID, IL, IA, IN, LA, MI, MO, MS, NC, NV, OH, OK, OR, SC, TN, TX, VA and WI.
Message 3 of 4

Re: Mortgage Refinance Question

so what did you end up doing?

Message 4 of 4
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