Refi time..now how to qualify?

[Balok]

Refi rates are at all time low. Is it possible to qualify with a parental co signer? Otherwise, the income isn't there and I'm stuck at my current 8 year old rate.

It seems like lunacy. I've been paying my mortgage on time for 20 years, but I can't qualify for a better rate, because they don't trust me to be able to make a lower payment? WTF

[Dave2512]

It is nuts out there. I did a refi last summer and I had to jump through hoop after hoop and I have good credit and make good money. It got to the point where some of the things they asked me for were silly considering that in addition to the refi I was paying down the principal 30k. I actually had to get the underwriting manager on the phone and explain to him the new loan was actually less of a risk for them. After the mess of 2008 not only is the criteria more strict but the lending guidelines can't be bent. I understand why it has to be that way but some of the crap I had to do was unbelievably redundant.

BTW co-signers aren't much help these days. Industry practice is to base lending decisions on the weakest buyer. Especially when the buyers aren't married or tied to the same household. They know when it comes to how the loan will perform it comes down to you.