[mikester]

How do they figure out your monthly debt ratio when trying to qualify you for a loan? I know there is my mortgage, taxes, and then there are the credit cards. We don't have what most people have but I do have a balance, how do they calculate that into my monthly debt load to income ratio? The dude told me tonight it can't be more than say 52% debt to income. I just don't know how they calculate it - I'll be calling him back tomorrow to find out.

Do they use gross or net income for the calculation?

I'm trying to refi into these awesome rates, we have 5.875% 30 year fixed now but if I can get that down to 4.875% my monthly savings is considerable.

I finally got a hold of my current bank today to discuss this with them (Was calling other banks while waiting for them to get back to me).

With a current 5.875% I really seem to have to work to get something better that is worth the effort (maybe?).

Wells is telling me that I need documentation up the pooper and super high FICO. Last time we pulled our FICO scores I was like 740 and the wife was 800 which was over the summer.

The wife's not really working right now, she just had a baby and she's self employed.

Our only debt is the mortgage and the heloc, which we would like to consolidate into one 30 year fixed (AT 4.75%!!!) and a bit on the cards lately. I've been remodeling one of our bedrooms and bathrooms so we have about 10k spread over 2 cards. No car payments, no other debt. We have about 15k in cash as well.

Soooooo...I want 4.75!

It's funny, they could tell me that with the current numbers I don't qualify for their better loan but if they give me that better loan then their risk on me is significantly lower. If I don't get a better loan, I will be writing every person in office who even closely relates to me. We bail them out and us folks who are responsible get the shaft.