I bought a house last year and trying to refi and now cant qualify what should i do?

Question

I bought a house last year and trying to refi and now cant qualify what should i do?

Answer 1

Go back to the bank or mortgage company that made you the loan originally.

They may be able to help you refi at a lower rate, even though you do not qualify.

Answer 2

You may need to take on a roomate.  Value of houses are going down.  Trying to refi so quickly is not a good sign.  

need to cut budget to bone.  Cut out all wasteful spending. Try to pay down the loan if you can.  Put extra toward the principle each month.

Answer 3

I'm assuming that you're trying to refi because you can't afford your house payment? In that case, you need to sell, and buy a less expensive home, or rent if you can't qualify to buy any more due to the market changes.

Answer 4

time to say hello to some new rent-paying housemates!