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Home refinancing help, how or where can you get refinanced?

does anyone know where or how you could get a home refinanced? My mom loves her house, but can’t keep it because my sister and I are graduating high school and that’s when the social security checks stop. (that’s how she’s been able to pay for the house.) She’s looked into it before, and they say she needs a cosigner, (because she is disabled) but no one in our family will cosign with her (even though they said that they’ll do anything to help). I would cosign, but I have no credit or a job. She loves her house and wants to keep it, I don’t know why she’d need a cosigner, she’d make the payments right on time like she’s been doing. She’s good at that kind of stuff. Does anyone know what we can do? What type of places refinance? She said the mortgage company she has now doesn’t do refinancing anymore. Any advice would be greatly appreciated.

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Answer #1

That’s such a tough situation. These days lenders are very careful with their money. There are private mortgage brokers but they usually have higher interest rates and up front costs. Any idea what the home can be appraised for, and what her equity is? In other words how much is the house worth and how much is left to pay on the existing mortgage?

Refinancing is just like starting over, so in that sense she could look at another financial instution that might be willing to refinance. But if the monthly payments exceed the amount that qualifies for her income, they will also ask for a cosigner.

What about another idea – can she rent out a room, for extra income? I’m thinking, someone like a single nurse?

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