Different interest rate with co-signers?

[Sean McCluskey]

Hey BP!

I have a question: I bought my primary residence in September 2018, and needed to have my parents co-sign on the loan because I didn’t have 2 years of work history in my current industry.

I had to switch mortgage officers midway through the contingency period because the first one couldn’t get it financed. So I’m thankful that we are in the house at all.

But my rate ended up being 4.875% on a 20% down, 30-year fixed. The loan balance was just over $590k, so it didn’t qualify as a traditional qualified loan.

Fico scores are 750+ all around.

My question: if I refi that loan right now, with a lender that will accept my 1.5 years of work history, but still using a co-signer for DTI reasons, would I be able to get the quoted 4% rates that are in the market right now? Or would I get stuck with a higher rate again?

Thanks!

Sean

[Andrew Postell]

@Sean McCluskey Chris has some good pointers above.  I think that this is so specific to your profile that it would be hard for someone to quote loan parameters to you without actually running a prequalification.  My first inclination it to review the "work history" part of your scenario....does that mean your pay type is different? (commission vs. salary) Just changing an industry usually isn't a big deal unless your compensation type changed too.  I'm making some general statements here so there are exceptions to this.  Again, a lot to this of course so try to find someone that can give you some real guidance here on your income and see if there's a good solution.  @Chris Mason would be a good person to lean on.  Good luck!