CREDIT RATINGS

kepledger · Joined: 05 Oct 2008 Posts: 1 1.30 Dollars($)

WITH THE BANK BAIL OUT WHERE DOES ONE NEED TO BE WITH HIS CREDIT RATING TO REFINANCE AND GET OUT FROM UNDER A CURRENT ARM?

Guest 0.10 Dollars($)

underwriting guidelines were not affected by the bail out. you can apply for an FHA loan if your score is above 530. if not, you may want to try calling your servicer and inquire about working out a loan modification.

elnoralittle · Posted: Mon Oct 06, 2008 7:48 am Post subject:

The bailout doesn't affect the underwriting guidelines.
First, make sure you don't have a pre payment penalty. If you do, check your state to see about pre payment penalty laws. Some prepays are not legal.
Then call you lender about refinancing. Ask them about waiving junk fees if you go with them again.
Second, make sure you can afford the new payment. There is a payment calculator on this site.

Good Luck.

gmakerley · Posted: Mon Oct 06, 2008 11:28 am Post subject:

underwriting guidelines are changing on a most regular basis. to think that new economic news won't have an effect on how your loan is underwritten it short-sighted.

your credit score is important, no matter what product you try to refinance with. the key is that it's advisable to do so if you are paying more than market rate at the moment.

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