Posted on: 17th Aug, 2010 06:50 pm
we had a chapters 13 followed by chapter 7 which was over two years ago in july, 2008. i have credit report score of 660 and my wife has a score of 680. we have no debts (other then some medical bills which are not being reported to the credit agencies). we have no credit accounts and have established impecable payment histories for our existing $75,000. (balance) mortgage and a host of household accounts that we have had payed as automatic payments directly from our checking account for more than the last year.
we are being told the fha rate on a 30 year fixed rate cash out mortgage for 90,000. is about 5.25%. is this the going fha rate or are we being snookered. i've read the current fha refinance rate is 4.5% but don' know if this would apply to our situation.
we'd appreciate haaaving your input and possible interest in our refinancing. we are still working on improvements to our home, but had a ppraisal done by lsi about a week ago and the current appraised value is 137,500.
thank you in advance for any insight you can provide on this.
john
we are being told the fha rate on a 30 year fixed rate cash out mortgage for 90,000. is about 5.25%. is this the going fha rate or are we being snookered. i've read the current fha refinance rate is 4.5% but don' know if this would apply to our situation.
we'd appreciate haaaving your input and possible interest in our refinancing. we are still working on improvements to our home, but had a ppraisal done by lsi about a week ago and the current appraised value is 137,500.
thank you in advance for any insight you can provide on this.
john
Hi johncarol,
As you've equity in your property, you will be able to refinance the loan in order to get a better interest rate. The lender is charging a higher interest rate as you've have bankruptcy mentioned in your credit report. You can wait for some more time and improve your credit score further in order to get better interest rates.
Thanks
As you've equity in your property, you will be able to refinance the loan in order to get a better interest rate. The lender is charging a higher interest rate as you've have bankruptcy mentioned in your credit report. You can wait for some more time and improve your credit score further in order to get better interest rates.
Thanks
Actually. unless they are offering you a no cost refi that rate is WAY TOO HIGH. FHA does not ding you at all for those credit scores and offer the exact same rates for people who have BK's and people without as long as the appropriate time has elapsed. And whether a loan is cash out or not has no bearing on pricing with an FHA loan. How low are we setting the bar on the expert badge here?
With that low of a loan amount you probably won't be getting 4.5% with minimal fees but 5.25% is absurd unless it is a no cost refi. What costs are coming with that offer John?
With that low of a loan amount you probably won't be getting 4.5% with minimal fees but 5.25% is absurd unless it is a no cost refi. What costs are coming with that offer John?