owe 90000 can i refinance with score of 644 and property wor

alandwain · Joined: 14 May 2008 Posts: 1 1.35 Dollars($)

owe 90000 can i refinance with score of 644 and property worth 120000

JuanHdez · Posted: Wed May 14, 2008 12:06 pm Post subject:

There are loans available based on those parameters. However, you would need to take a futher look into the other details to get an accurate picture of what is available to you. You should have a reliable loan officer take an application to discuss the details with. Very Happy

jbarto65 · Joined: 04 Nov 2007 Posts: 592 5.03 Dollars($)

The only way that you will know is to apply and find out if they say yes or not.

Jeanette · Posted: Wed May 14, 2008 8:07 pm Post subject:

Hello Alanwain

Welcome to the Forum,

First of all your score is considered good. Most lenders request that you have a score 580 or above. You are definately okay in that department. You must have decent monthly income to cover all your monthly debts, so DTI should be 44% or below. Your payment history should be spotless on your credit report. You have to be employed for two or more years.
You have a 25% equity build up which is good..

I think that you are definatly in a position to get a refinance. Please request for a mortgage quote under that tab.

Thank you and good luck

Jeanette Smith
Mortgage Planner
Union Mortgage Group

jenkin7 · Joined: 04 Jun 2007 Posts: 887 132.55 Dollars($)

Hello alandwain,

Welcome to the community.

Your credit score is good enough to get approve for refinance. Do you have any late payments in the last 12 months? It may affect your credit and may create problems to get approve for refinance loan.

Have shop for lenders. I feel you should around for lenders to get the best rates and terms. You can request for no-obligation free mortgage quote even from the community lenders.

Feel free to ask the community if you have more questions.

evolovik26 · Posted: Thu May 15, 2008 5:48 am Post subject:

Other parameters need to be considered besides your equity and credit score such as your income, time in the home, if you planning on taking cashout, what rate you currently have, if the loan whould benefit you, how many lates you have on your mortgage and consumer debts.
As far as your score and LTV is concerned you should do fine unless you are looking for a stated income mortgage as this type of mortgage typically requires 680+ score nowdays

gmakerley · Posted: Thu May 15, 2008 6:07 am Post subject:

as stated by others, there are more factors than credit score and loan to value ratio. you must be able to afford the payments on this new loan in order for a lender to grant it.

as noted also, your first, best bet is to query a lender or lenders to see precisely what you'll qualify for. based on what you've presented, it would seem likely you'll qualify (if all other portions of the deal are satisfactory).

lisascherzer · Joined: 04 Jan 2008 Posts: 599 69.56 Dollars($)

Yes you should be able to refinance. There are probably several options with FHA being one of them to get into a low rate.

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