Today We Applied (Again) to Refinance Our Mortgage

In a previous post I talked about applying to refinance our house. I did not post a followup explaining that we didn’t qualify. Big disappointment. The Fannie Mae guidelines are strictly adhered to and our rental income, while very tangible to our bank account, does not count for much based on how the underwriters work it.

One’s debt-to-income ratio has to be <= 45%. Ours was 45.6%. SO close!! It was especially frustrating because Jay’s annual raise was due in June, but his union was in the middle of renegotiating, thereby delaying it.

The good news is that his raise is now official (and, yes, we know we’re lucky to get a raise, at all, in this economy) and will be reflected in his paystubs shortly. And, after last week’s election, rates have gone down even more. So, we are applying again and crossing our fingers that the 3rd time’s the charm.

If at first you don’t succeed, try, try again. We’re looking at saving $275/month. The effort and frustration will all be worth it in the end.

Fingers crossed yet again!!


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