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Will refinancing with another person on the mortgage make it a better loan?

I recently got married, my wife has moved in and I was curious if she was a signer on a refinance, with her good credit and income, it would help lower my rate. My credit I believe has moved from a 745 to a 753 since my old mortgage. There's 27 years left on the loan, I've paid down to a 76% LTV including my down payment. And she'll add another 45k a year to the household income and her credit is 786. Will this help? by ben.so_480_738 from Sedona, Arizona. Nov 28th 2011 Reply


Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,431 contributions

Congratulations on the recent Nuptials. Assuming your income adequately supports the debt to income ratio, adding you wife will not necessarily improve the interest rate you get. Based on the Loan to Value and your credit scores, you should qualify for the best rates out there on your own. The best course of action is to contact a mortgage Banker/Broker such as myself to help you determine what you qualify for with or without your wife.

Nov 28th 2011
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Heath Symonds (hsymonds)
#82 ranked lender in Arizona - 5 contributions

My office is in Flagstaff. Feel free to give me a call.Heath Symonds928-556-0600

Nov 28th 2011
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David Kester (davidkester)
#76 ranked lender in Arizona - 23 contributions

What is the main reason for the refinance? Is it to lower your rate? Is it to shorten the term of your loan? Or is it to add your wife to the loan? First off I personally would refinance just to add your wife to the loan (she could be added to title pretty easily). If it's to lower the rate or shorten the term of the loan, than that would benefit you. Feel free to call me David Kester NMLS # 200793 at 602-628-6500 or email dkester@thelendingco.com.Website www.TrustYourLO.com

Nov 28th 2011
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GIve me call at 928-458-7071 I am in Flagstaff and very familiar with the Sedona Market.

Nov 29th 2011
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Your credit score is great and so long as you have income to support the debt, adding your new wife will have no impact to your interest rate. WilliamAcres.com

Nov 29th 2011
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Rudi Hofmann (CaPortfolioLoans)
#282 ranked lender in California - 380 contributions

Ben,I agree with William. You appear to be in an excellent position by yourself. There is no need to add your wife to the loan. .... Happy funding, Rudi

Nov 29th 2011
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