The good news about baby boomer refinancing is that the rates are at an all time low...all you have to do is qualify for refinancing... It used to be easy but the major financial institutions have instituted new underwriting regulations that can frustrate you... So be prepared when you start the process.
Refinancing your home is one of the easiest ways for you to save money, and I would encourage especially baby boomers, to refinance if they haven't already.
We have refinanced four times in the last 2 1/2 years, saving well over $400 a month in mortgage payments.
If I wanted to refinance again I may run up against underwriting conditions that may be tough for retirees to meet...
There are no laws requiring big financial institutions to have a department of common sense...no matter if your credit rating is over 800, you've never been late on a house payment in your life... That may not be enough for today's financial environment.
The underwriting conditions, have changed and may affect the ability of baby boomers to refinance... Some of the companies offering refinance now are looking more at your monthly income...
Something that some baby boomers or retirees in general may have a tough time coming up with enough verifiable monthly income to satisfy the refinance companies.
This is not reason enough to not try to refinance but just be aware that the underwriting conditions have changed and be ready for a little frustration.
To see if you qualify for an FHA loan...Can I get an FHA Loan? LendingTree.comTo see if a home equity loan is right for you
You will need to prove that you have at least 20%, equity in your home.
If you have a small business that you would like your income to be counted toward your mortgage payment... Be prepared to produce two years of tax statements... Tough luck if you have only been in business a year and a half.
Your debt to income ratio will have to be somewhere in the 36% to 45% range, maximum.
Despite all the hassle, with the rates being the slow, you should take a stab at baby boomer refinancing...
This is the company that I would recommend... It's good to get banks competing for your business.