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Refinance with a score of 602

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allenboys Joined: 18 Sep 2009 Posts: 3 1.86 Dollars($)	Posted: Fri Sep 18, 2009 8:18 am    Post subject: Refinance with a score of 602 Like 0 Dislike 0 I have an ARM at 8.75%. I have $105,000 in equity in my home. I want to refinance to get out of the ARM. The bad news is my credit score is 602 with Equifax. Should I wait until it reaches 620 before I start applying?
JKennedySLG Community Expert Joined: 01 Apr 2009 Posts: 408 Location: New Jersey/New York 20.05 Dollars($)	Posted: Fri Sep 18, 2009 8:54 am    Post subject: Like 0 Dislike 0 By waiting to reach the 620 mark, you will save yourself about a half of a percent in the Interest Rate. Ultimately it is up to you, but if you're willing wait it out it will be beneficial in the long run. I hope this helps... _________________ James Kennedy New York/New Jersey (732)979-7409 Hard Money & Stated Income Loans First Time Home Buyers (540+ Credit)
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri Sep 18, 2009 11:47 am    Post subject: Like 0 Dislike 0 allenboys, it was really not necessary to post your query on three different forums. for future reference, please post only once. thanks. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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