What are you looking for? 

refinance with low credit rating

Author Message
Bruce

Guest







0.10 Dollars($)

PostPosted: Mon Oct 03, 2005 5:30 pm    Post subject: refinance with low credit rating

I have my credit rating in the 500 range. Shall I be able to refinance?
 
image
cliff

Guest







0.10 Dollars($)

PostPosted: Mon Oct 03, 2005 5:37 pm    Post subject:

Yes you would be able to refi with your scores in the 500 range most likely with sub prime. What is or has caused your score to be where it is? Is your score the higher, mid or lower 500??
 
image
blue

Guest







0.10 Dollars($)

PostPosted: Mon Oct 03, 2005 5:52 pm    Post subject:

Hi Bruce,

I think it is possible to refinance even with a low credit score. Many traditional and online lenders do offer loan programs for consumers with poor credit histories.

However, you may not get an attractive refinance rate with a low credit score. Each lender sets its own range of what constitutes a credit score. If you have a credit score in the 650 to 675 range, you're eligible for good rates although there are lenders who may go as low as 476, but it's going to cost you.

As a friend I shall suggest you to improve your credit score to get the best deal in the market. Credit score can definitely be improved by making a planned budget of your expenses and by making regular payments against your bills. This will help you in refinancing at a much lower rate.

Hope you will benefit from this information.

Regards,
Blue
 
image
Bruce

Guest







0.10 Dollars($)

PostPosted: Mon Oct 03, 2005 5:57 pm    Post subject:

My score is in the lower range?
 
image
cliff

Guest







0.10 Dollars($)

PostPosted: Mon Oct 03, 2005 6:58 pm    Post subject:

Not neccessarily true that your rates will be high if you have low scores to refi. If your scores are low the LTV will be low as well. Depends on your scores your LTV (loan to value) could be as low as 65% depending on what sub prime lender you ask. There are programs that will allow 90% ltv with a minimum score of 525.

Have you been late on your current mortgage payments (this may be a factor in refinancing and determining the LTV)?

Any collection issues for accounts you may have??
 
image
Icon Mini Profile Caron
Caron
Moderator

Joined: 19 Jul 2005

Posts: 1482
Location: florida


250.36 Dollars($)

PostPosted: Tue Oct 04, 2005 4:28 am    Post subject: RE:

Hi Bruce

Whether you require a high credit score to get a mortgage loan depends on the type of loan and the period of repayment. Moreover, the credit scores required to qualify for different types of loans vary on how the lenders rate a borrower on the basis of a particular score. For example, a borrower having a low credit score and applying for a 20 year fixed rate mortgage with a 25% down payment can qualify for a better rate than someone looking for a 1 year adjustable rate mortgage. So it is possible that for a particular score you may be offered a certain rate with one lender and a different rate with another lender.

Therefore, I would suggest that you shop out for the best possible rates so that you can get offers that are not within the subprime category.

Regards,
Caron.
 
image
Bruce

Guest







0.10 Dollars($)

PostPosted: Tue Oct 04, 2005 9:28 am    Post subject: refinance with low credit rating

Thanks every body,
The suggestions I am getting from you guys are really helpful. I am greateful to you all.
Yes Cliff I failed on my payment recently by 30 days. Any further suggestion you have?
 
image
cliff

Guest







0.10 Dollars($)

PostPosted: Tue Oct 04, 2005 5:28 pm    Post subject:

If you go about refinancing asap before you get further behind you may still have a good chance of a better rate with just one or two lates on your mortgage. A good sub prime loan officer/broker (in which I am one) would be able to get you refinanced. Just shop around and you will be able to get back on track with your mortgage.
 
image
Bruce

Guest







0.10 Dollars($)

PostPosted: Tue Oct 04, 2005 5:46 pm    Post subject:

Thanks Cliff,

That was indeed a valuable suggestion.

Regards
 
image
cliff

Guest







0.10 Dollars($)

PostPosted: Tue Oct 04, 2005 6:14 pm    Post subject:

No problem, that is what we are here for...to help you out with your mortgage questions.
 
image
Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool
Mortgage Planner
Simple Budgeting Tool


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit Live Help

Explore the lender near you

Google Map Image

MF Talk

 
About Us  | Contact Us  | Our Blog  | Privacy Policy  | Testimonials  | Website Tools  | RSS Feeds  | Site Map 
We have chosen to apply the Creative Commons Attribution License to all works we publish.
This work is licensed under cc by 2.0