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refinancing question

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  1. bobhica_10 bobhica_10 is offline

    Minneapolis, MN
    United States

    Posts: 325
    Joined: Apr 08

    Aug 3rd, 2010 (8/3/2010 8:27pm)

    looking to refinance my house,,,,,,just curious if you can be denied becuase of heath issues??? i have gone through the process before and dont remember any types of health questions come up.

    thought i would start here since you guys and gals know everything!!!
  2. XquiziVex XquiziVex is offline

    French Polynesia

    Posts: 5,748
    Joined: May 07

    Aug 3rd, 2010 (8/3/2010 8:38pm) in reply to bobhica_10

    No. Discussion of health issues should never enter the loan process.
  3. crtierney crtierney is offline

    Minneapolis, MN
    United States

    Posts: 230
    Joined: Jan 09

    Aug 3rd, 2010 (8/3/2010 10:09pm) in reply to XquiziVex

    Proof of income, equity in your house, good credit and debt to income ratio are really the only things that matter... Health is not a factor
  4. breathe-ez breathe-ez is offline

    Decatur, IL
    United States

    Posts: 713
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    Aug 3rd, 2010 (8/3/2010 10:33pm) in reply to crtierney

    i hope your credit score is near 700 or better. Credit is really tight right now and banks are finding any reason not to loan out money. Health is not an issue though, that would be discrimination.
  5. scgolfer scgolfer is offline honey let's go

    Peoria, AZ
    United States

    Posts: 1,245
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    Aug 3rd, 2010 (8/3/2010 10:44pm) in reply to breathe-ez

    No health issues aren't, but it sounds like they would be an issue for you, with the way you are stating it. It appears that you think a health issue could make it harder for you to pay a mortgage payment, and think a bank my think similarly. amirite?
     
  6. bobhica_10 bobhica_10 is offline

    Minneapolis, MN
    United States

    Posts: 325
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    Aug 3rd, 2010 (8/3/2010 11:01pm) in reply to scgolfer

    no my credit and all that stuff is in excellent shape....im already approved just have to go in and do the paper work. If i was unable to work i could still pay my bills. I was just curious if they asked if you had "cancer" or some other life threating desease that you could be denied. I dont want to go in and get shut down cuz i have health issues.

    thanks for the input!!!
    Thread Starter
  7. saxman saxman is online now

    Posts: 14,155
    Joined: Mar 06

    Aug 3rd, 2010 (8/3/2010 11:07pm) in reply to bobhica_10

    shouldnt effect your ability to refinance but if you were looking to have some kind of mortgage insurance, the health issue would probably be a factor.
  8. norcaljeff norcaljeff is offline 2010 OT Thread Kill Leader

    San Francisco, CA
    United States

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    Aug 3rd, 2010 (8/3/2010 11:19pm) in reply to saxman

    why shouldn't health be an issue? would you want to loan a guy hundreds of thousands of dollars to be repaid over 30 years if he had full-blown aids? I mean, if they show they can pay it's obv all good, but if they're counting on that paycheck for 30 years to cover the mortgage...
  9. XquiziVex XquiziVex is offline

    French Polynesia

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    Aug 4th, 2010 (8/4/2010 12:14am) in reply to norcaljeff

     
    Originally Posted by norcaljeff View Post

    why shouldn't health be an issue? would you want to loan a guy hundreds of thousands of dollars to be repaid over 30 years if he had full-blown aids? I mean, if they show they can pay it's obv all good, but if they're counting on that paycheck for 30 years to cover the mortgage...

    They probably made this a viable condition for obtaining a mortgage in the new financial reform bill.

    We'll know for sure in a year or two when someone finally reads it and realizes this needs to be implemented.
  10. ShortyJacksn ShortyJacksn is offline

    United States Minor Outlying Islands

    Posts: 5,986
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    Aug 4th, 2010 (8/4/2010 12:22am) in reply to XquiziVex

    "Ghey" is not a disease. It is a sin.

     
    Originally Posted by bobhica_10 View Post

    no my credit and all that stuff is in excellent shape....im already approved just have to go in and do the paper work. If i was unable to work i could still pay my bills. I was just curious if they asked if you had "cancer" or some other life threating desease that you could be denied. I dont want to go in and get shut down cuz i have health issues.

    thanks for the input!!!

    You're fine. As long as at the time of the loan closing none of the conditions of the initial application have changed (credit profile, income, employment, assets, etc.) the loan will close. Lenders are not allowed to discriminate based on health conditions, age, race, marital status, etc.
  11. BigJohn804 BigJohn804 is offline

    Midlothian, VA
    United States

    Posts: 3,735
    Joined: Feb 06

    Aug 4th, 2010 (8/4/2010 12:31am) in reply to norcaljeff

     
    Originally Posted by norcaljeff View Post

    why shouldn't health be an issue? would you want to loan a guy hundreds of thousands of dollars to be repaid over 30 years if he had full-blown aids? I mean, if they show they can pay it's obv all good, but if they're counting on that paycheck for 30 years to cover the mortgage...

    because the loan is secured by collateral... you die, you or estate or significant other can't pay. bank takes back house.
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