I had a setback, lost my 20yr job to bankruptcy. I made a few good choices, and survived for 18mo, until I found a new ok job. meaning I now make more then my bills, instead of using part of my saving or adding debt to my credit cards to make ends meet. So now I make 30,000, and would like to take advantage of the interest rates. I have a 6.25%. and was told by at least 5 banks or loan companies I could get 4,75% I have over 20% equity, in my home. After I start the loan process, it always falls through. Either the interest rates goes up a 1-2 points, or they want me to put down an additional money. Sometimes it is for the loan process, which is above the usual 2,000-5,000 closing costs I was exspecting. Sometimes it is to increase the down payment.I have a 120,000 house even after the housing crash, and owe 92,000. I actually was going to put 10,000 down to help lower my payments even more. But that still is not enough. The loan never happens. I have a great credit score, and make more then enough to pay my bills. So why am I not getting these refinance loans?
Income to debt is very good. I have other proterty that now only pay for themselves. I uses to make a little income. But I have no other debt, or other loans out.