jveenstra
 Community Experts

Joined: 10 Nov 2008
Posts: 340 Location: River Edge, New Jersey
85.80 Dollars($)
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Posted: Mon Nov 02, 2009 9:58 am Post subject: Refinance |
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You appear to have equity in the property so refinancing appears to be an option, however, refinancing depends on a few other qualifying factors;:
1. What is your credit score
Pretty soon the minimum credit score will be 620 for FHA and conforming mortgages. If your credit score is not over 620, refinancing may not be an option.
2. When was the Chapter 13 filed and discharged, or, is it still open and you are still paying in the Chapter 13?
3. Is income enough to qualify for the new mortgage?
If you have no choice of refinancing due to low credit score, etc. the only option left will be to ask the bank if they will extend the terms of the second mortgage. _________________ John Veenstra
Senior Mortgage Consultant
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
800-475-0123 Ext 278
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