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lisascherzer
Joined: 04 Jan 2008
Posts: 599
69.56 Dollars($)
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 Posted: Sun Jan 13, 2008 10:45 pm Post subject: |
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Hi Garry,
Are you sure those were closing papers? Paperwork will be sent to you after you apply for the mortgage and then when everything is signed off on, then they draw the final paperwork and you will usually sign those papers with a title company that will handle the dispursement. Most every lender will review your income. credit and appraisal before drawing final paperwork so that's why I ask.
If you did sign final paperwork then the lender still has the right to not fund the loan if there is something they don't like but this is rare since they usually review everthing before drawing the final docs. Contact the title company that handled the closing and ask them if the lender has funded the loan. If they have, then you need to demand those funds from the title company immediately.
If you did not sign the final paperwork yet, then you are still waiting for final approval to be able to do so.
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lisascherzer
Joined: 04 Jan 2008
Posts: 599
69.56 Dollars($)
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| Posted: Sun Jan 13, 2008 10:53 pm Post subject: |
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Hi Susan,
Credit reporting agencies really hit your score for utilizing credit cards. They look at how much available credit you have and how much you owe. The more you owe in relation to your limits is what will bring down the score. So first off, try and pay down one credit card at a time to below 50% of the credit limit. Start with the credit card with the lowest balance and pay it down to this level, then move to the next one. After paying down even just a couple, your score should improve. Do not close credit lines since this will reduce the credit limits and therefore making it appear that you are more maxed out.
To get approved for the best rates out there, you do not need to have a perfect credit score if you have plenty of equity, and other assets to offset the lower credit score. However I would suggest paying down on a couple of credit cards first to help secure the best financing possible.
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Lisa Scherzer
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del
Guest
0.10 Dollars($)
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| Posted: Thu Jan 24, 2008 5:40 am Post subject: buy out due to divorce in Centereach, NY |
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| my home was appraised at $328,000. mtg balance $143,770. I'm looking to borrow about $115,000. I refinanced in 06/03 with an interest rate of 5.825 fixed for 30 years. I plan on selling in about 5 - 6 years. My credit score is only about 600 (I think - could be slightly higher) What are my options? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1455
Location: MASSACHUSETTS
121.48 Dollars($)
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| Posted: Fri Jan 25, 2008 3:36 am Post subject: RE: refinance earlier, current options? |
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Hi del,
Welcome to the forum.
The very first that you should do is to get your credit report from one of the bureaus or check for it online at annualcreditreport.com . I am saying because you are not fully aware of your score value.
If you are thinking of a refinance, I don't see any problems in it because you have last refinanced in 2006 march and 1 year is alerady over. Most lenders require a seasoning or loan payment of 12 months for anyone to refinance again. Since you alerady fulfil this criteria, therefore you can start off talking to lenders about their offers.
Hope this helps...
God bless you.
Samantha
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lisascherzer
Joined: 04 Jan 2008
Posts: 599
69.56 Dollars($)
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| Posted: Sun Jan 27, 2008 12:06 am Post subject: |
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Hi Del,
The more you borrow against the home, the higher the rate will be. If you need to borrow the full amount to pay off your ex according to the divorce decree than that's what you will have to do.
I can tell you that the rate will most likely be a little higher than what you are paying right now. With a score of 600 it is hard to say if you will be in the mid 6's which is possible or higher. The reason is that several other factors will be taken into consideration to determine the best rate available for you such as: Assets that include checking/savings, stocks, 401K, along with your actual credit history (ie: late payments, prior bankruptcy, etc). I would work with a good mortgage broker that has access to many lenders and has the expertise to get you the best mortgage terms.
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dominique
Guest
0.10 Dollars($)
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| Posted: Sat Feb 09, 2008 6:04 am Post subject: any chances of refinance? |
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| I have tons of cc debts and 3 mortgages on my home. Two of them are at 10% and 7.45% . My credit is worse as I have had missed payments default debts and judgments as well. my job is a good one and I'm lucky that it is. I have somehow avoided garnishments by arranging for payment plans. But what are my chance of a refinance as it's getting tougher going with 3 mortgages? Or should I file bankruptcy? |
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larry
Joined: 27 Jun 2007
Posts: 2951
411.26 Dollars($)
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| Posted: Sat Feb 09, 2008 3:39 pm Post subject: |
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Hi dominique,
Welcome to the forum.
How long have you taken those mortgages? If these are more than 12 months, you can refinance. The rates are low now. So you can consider it.
Regarding filing Bankruptcy, you will have to qualify for it and it will have a huge negative effect on your credit. So I think Bk should be your last option to choose.
Best of luck,
Larry |
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lori
Guest
0.10 Dollars($)
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| Posted: Tue Feb 19, 2008 5:29 am Post subject: |
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| I have a first and second mortgage, 50 days late on first loan and 110 days late on the second. I am trying to refinance now. I am right now on a forbearance agreement with the first lender but I cannot afford the payments. it is twice my actually payment and hurting me a lot. What should I do? Refinance both or any one..my credit is the worse |
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lisascherzer
Joined: 04 Jan 2008
Posts: 599
69.56 Dollars($)
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| Posted: Wed Feb 20, 2008 10:09 pm Post subject: |
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Hi Lori,
How much do you owe on the first and second mortgage? Also, what is your home worth? These two factors will help me narrow down your options.
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Lisa Scherzer
Allpointe Mortgage
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larry
Joined: 27 Jun 2007
Posts: 2951
411.26 Dollars($)
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| Posted: Thu Feb 21, 2008 1:59 pm Post subject: |
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Hi Lori,
Welcome to the forum.
You need to answer first the questions posted be Lisa so that we can give you an answer.
As you are already "on a forbearance agreement with the first lender ' and you have said "my credit is the worse" so do you really want to refinance the mortgage or can you really afford the house any longer? Think about that. As your credit is not the bests, you will not be approved for the bests of rates and terms.
Best of luck,
Larry |
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Jess
Guest
0.10 Dollars($)
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| Posted: Wed Apr 02, 2008 11:16 pm Post subject: 401k loan after refinance? |
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| I am refinancing my mortgage so that I can renovate my home. But I don't have enough equity to cash out as much as is needed for the repairs. So I was just thinking of taking out a loan from 401k. should I refinance after taking out 401k loan or simultaneously? I have good income and understand that there are risks associated with borrowing from 401k. I would borrow maximum $25000. pls advise |
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larry
Joined: 27 Jun 2007
Posts: 2951
411.26 Dollars($)
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| Posted: Thu Apr 03, 2008 1:45 am Post subject: |
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Hi Jess,
Welcome to the forum.
If you can take out a loan of 401k, then it is all right. In that case you need not to refinance. You can refinance if you have just take the loan within 2 to 4 years and also you are getting a better rates and terms.
So how long have you taken the loan? How much equity do you have?
Best of luck,
Larry |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 818
Location: bloomfield, ct
51.66 Dollars($)
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| Posted: Wed Apr 16, 2008 7:56 am Post subject: |
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jess, the biggest risk you run in borrowing from a 401(K) is that doing so is a little too easy for some. in other words, once you've borrowed, you might be tempted to go back to the well again.
as long as you repay that loan in short order, your risk will be negated. i think your plan makes sense, frankly.
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Relationship Manager
First Horizon Home Loans
37 Jerome Avenue
Bloomfield, CT 06002
860-286-9133
www.gmakerley.net |
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Dave
Guest
0.10 Dollars($)
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| Posted: Thu May 08, 2008 4:43 am Post subject: |
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| My wife and I will be signing on the divorce papers. We don't have children but there's a house we own together and I have agreed to let her keep it.she has been staying there ever since we separated in sept 2006. the divorce papers state she should be able to refinance by the end of august, that too in her name only. But she is unable to refinance due to bad credit. if she is not able to do so, what will happen to me? Say if the house goes into foreclosure, will it be reported by the CRA for 7 years or will the court automatically free me from the responsibility of paying off the loan in case she doesn’t get a loan? I’m getting mixed views from my lawyer and the mortgage company? So any help will be highly appreciated. |
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Niicss
Joined: 03 Oct 2005
Posts: 807
118.37 Dollars($)
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| Posted: Thu May 08, 2008 5:38 am Post subject: |
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Welcome Dave.
If your wife cannot refinance on her name and defaults then it may also affects your credit. Why doesn’t your wife request the lender for navation? If you, your wife and the lender agree then the mortgage can be transferred to your wife's name through novation.
Let me know if you have any further questions.
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Good is the Enemy of Great. |
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