If my income declined, but I was still able to make my mortgage payments, is there a possibility of losing my home?
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If my income declined, but I was still able to make my mortgage payments, is there a possibility of losing my home?
Question: My partner and I have steady income. She works part-time and…
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Question:
My partner and I have steady income. She works part-time and I work full-time. And currently, we have a mortgage which we can afford comfortably. We have a home, which we would consider our forever home, but are wondering if something were to happen career-wise, swap jobs or we just somehow got lower income, would we get rejected even if we were able to keep up with the payments?
Answer:
If you are talking about your current mortgage, then no. You’re going to have that loan as long as you continue making the payments on time. Now, if you ever wanted to refinance in the future for whatever reason, you would have to qualify all over again. So, at that point, you’d need to whichever income requirements are stated for the type of refinance you are looking to do.
PS Check out our simple eval process where you can choose whether you want to: get real rates specific for your scenario (beware of teaser rates!), see how much home you can afford, get pre-approved, or quickly submit your contact info so we can get back in touch.