Wednesday, February 18, 2015

Refinancing - lender wants us to close a credit card?

We have been in the mortgage refinancing process and the lender will not "gross up" my husband's social security disability income (though it meets the requirements to not be taxed because our base is calculated to $31,000) and is instead considering it to be taxable at a 25% rate. Now they want us to close a credit card that has no balance. This is a card we like to use and pay off and we do not want to close it. It sounds like a bad idea. We were supposed to close on this loan already and things keep coming up. Any advice?

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