So my parents did a cash out refinance last year on their house in MI, they got 30 year fixed at 4.5% for around $110,000 loan. My dad saw that the rates are low and is interested in refinancing but has some concerns.
He is currently on forbearance does that affect him being able to qualify? ( he can bring the account to current if needed but does it affect his ability to qualify?)
Does refinancing so soon affect his credit or ability to get a loan in the future? (He has good credit history score in the 740’s)
He plans on buying some rentals next year will this affect his ability to do so? I would assume that it would help because it should lower his DTI by around $100 monthly.
He was also on unemployment earlier in the year, but is back to work will this affect him?
And lastly, is it worth it? $100 saved is a lot of if he can get a loan with around 2.7%-3.2% interest.
Submitted July 18, 2020 at 11:46PM by Wombietombie https://ift.tt/39alRhh
