Posted: Mon Apr 02, 2007 3:51 am Post subject: Anyone to help refinance maryland mortgage?
I am residing in Maryland and I need a loan of $650,000. We live in single family residential owner occupied home. Would do with a full doc loan.
Details are given below:
FICO score: 560
LTV: 88%.
We have yet to pay our unpaid first mortgage of $650,000, so need to refinance. Paid all payments till date and thinking of 40 year fixed or 2/28 arm. Is that a good choice? Anyone to help.. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
But let me tell you frankly, it is better if you can wait for some more time and re-establish your score.
Currently your credit score is 560; so if you can take it to something above 620, I think it will help you get competitive rates of interest and favorable terms and conditions on the loan.
We have yet to pay our unpaid first mortgage of $650,000, so need to refinance. Paid all payments till date and thinking of 40 year fixed or 2/28 arm.
Welcome to the forum Pearl!
With today's market, a long term loan would be best, depending on your financial situation. However, it will be very difficult for you to receive a 40 yr fix with an CLTV% of 88%. From my experience, you would have a better chance of receiving that 40 yr fix if your CLTV% was 75% or below.
A loan program of 2/28 would give you a better chance of qualifying, however that type of program usually looks for a CLTV% of 80%. I would not suggest such a program where the interest rate is fixed for only 2 years in this type of market.
IMO, you can look into a Hybrid Option ARM where you can select a fixed rate at 5,7, or 10 year. Having the fixed interest rate longer may give you a higher rate, but will give you a longer fixed rate as opposed to a 2 year fixed rate. _________________ Wenzel Ablola
Loan Officer
Allied Home Mortgage Capital Corp.
alliedsandiego.com
It will be better to improve it then go for a refinance if it is not too urgent. Your payments are regular till now, so no need to select any higher rate loan if waiting for some more months can help your score to improve.
A 630-640, and you will be able to qualify for much lower rates that what you would now.
Posted: Tue Apr 03, 2007 9:57 pm Post subject: Your score
This is a true. With this credit score you will face problem to refinance.
After great years for sub-prime lenders in a past, even they are rising credit score. It was no bad with 560. Now they start asking at least 620.
You should improve your credit. This will save you a lot of money.
I used one company and now referring them to others. Let me know if you need it.
Posted: Tue Apr 24, 2007 10:37 pm Post subject: 560=90% max LTV
Hello,
All dough, your current credit scores are less than perfect. I can still offer you some options. My name is Will. I am a mortgage consultant with Wells Fargo Home Mortgage. It's a pleasure to make your acquaintance.
Give me a call or email me at your earliest oppurtunity and we can get started. _________________ Will Addo
Wells Fargo Home Mortgage
678-473-6776-O
www.wfhm.com/wfhm/willis-addo Website
“Your credit score: Those three little numbers
can have a six-digit impact on your life.”
adonis
