Home arrow Mortgage Forums arrow Looking for Mortgage again arrow

how do we refinance our home with low credit scores?

Author Message
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
Post Posted: Sat May 09, 2009 6:10 am    Post subject:
Like 0
Dislike 0

i'm not certain engaging an attorney is going to be helpful, but roxanne's suggestion that you contact experian directly makes a great deal of sense.

perhaps you'll determine precisely why they aren't reporting back.

_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
KENNETH A

Guest







Post Posted: Sat May 23, 2009 7:33 pm    Post subject: RENTAL LOAN
Like 0
Dislike 0

Hello-
I am purchasing a duplex on contract that I use as a rental unit. I paid a down payment and have made all of my monthly payments. I only owe $23,000 on it. I have a credit score of approx 650. My wife and I have a 190,000 home which we owe about $170,000. We both work and make over $110k combined. Her score is slightly higher than mine. What is the best course of action to try to get a loan for the rental?


[E-mail address deleted as per forum rules. Thanks.]
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10030
Location: Alaska
919.49 Dollars($)
Post Posted: Sun May 24, 2009 10:38 pm    Post subject:
Like 0
Dislike 0

Hi KENNETH!

Welcome to forums!

You can speak to the lenders and check out if they can offer you a loan for that amount. If lenders do not agree to give loan for such a small amount, then you should check out if you can get a personal loan or not. However, you should remember that personal loans come at a higher rate of interest.

Feel free to ask if you have further queries.

Sussane
Icon Mini Profile eric1
eric1
Community Expert
Community Expert

best lender badge

Joined: 04 Jan 2009

Posts: 1511

226.89 Dollars($)
Post Posted: Mon May 25, 2009 11:57 am    Post subject:
Like 0
Dislike 0

Not sure what you are trying to accomplish. Are you looking to refinance the $23k? Did you want to cash money out?

If your goal is simply to reduce the interest rate on your $23k loan, then you will need to see a VERY LARGE reduction in your rate to make up for all of the closing costs.

_________________
Eric JFree Rate Quote, Stated Income Loans
FHA RATE QUOTE
Mortgage Rate Quote
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
Post Posted: Tue May 26, 2009 7:36 am    Post subject:
Like 0
Dislike 0

eric is correct, and it would behoove you to borrow not less than $50000 overall - take some cash back and do whatever it is you wish to do with the funds. otherwise, the cost is going to be prohibitively high for you.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
Icon Mini Profile Realgeni





Joined: 13 Apr 2009

Posts: 1434

99.76 Dollars($)
Post Posted: Tue May 26, 2009 10:20 pm    Post subject:
Like 0
Dislike 0

Kenneth your closign cost to finace $23k will be higher than what you will end up saving.

What is the reason you are trying to finance the 23K.

Have you look at the option of refinancing the home you are currently in?
WWeiss

Guest







Post Posted: Wed Jul 15, 2009 3:23 pm    Post subject: Refinance Mobile Home
Like 0
Dislike 0

I have a pre-1976 Mobile Home with an acre of property that is investor finance at 11% rate and would like to refi but I have filed Chapt 13 in 2003 and have low scores, I am 4 mths behind and what like to know what I need to do. I want to stay in my home so I would like suggestions, can I refi or What?

[E-mail address deleted as per forum rules. Thanks.]
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10030
Location: Alaska
919.49 Dollars($)
Post Posted: Wed Jul 15, 2009 8:45 pm    Post subject:
Like 0
Dislike 0

Hi WWeiss!

Welcome to forums!

It will be difficult for you to refinance the property because you had filed for Chapter 13 and have low scores. Moreover, you've mentioned that it is a pre-1976 mobile home. Mobile homes build prior to 1976 hardly qualify for loans. It would be better if you could sell off the property and rent a property for some time. Meanwhile, you can take steps to improve your credit score. Then you can try purchasing a new property.

Feel free to ask if you've further queries.

Sussane
belinda

Guest







Post Posted: Thu Mar 25, 2010 8:44 am    Post subject: mortgage
Like 0
Dislike 0

a friend financed a modular home for me in 2005 i pay the mortgage of 800 per month never missed a payment now my friend want to house re finance in my name how do i do this with a low credit score. help
Icon Mini Profile Niicss
Niicss




Joined: 03 Oct 2005

Posts: 4770
Location: New Jersey
499.28 Dollars($)
Post Posted: Fri Mar 26, 2010 2:46 am    Post subject:
Like 0
Dislike 0

With a low credit score, it won't be possible for you to get a refinance. You can either improve your credit score and refinance the loan or you may take the help of a cosigner in order to refinance the loan.
meggie marcey

Guest







Post Posted: Fri Jun 04, 2010 10:27 am    Post subject: refinancing
Like 0
Dislike 0

my husband and I have an interest rrate of 8.2. we now have the money to pay the motgage of 132,000 off in full. should we do this or try and re-finance?? and would it help to pay 50,000 towards the mortgage in order to refinance?? our credit scores are really low.
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10250
Location: ALASKA
1043.57 Dollars($)
Post Posted: Mon Jun 07, 2010 2:18 am    Post subject:
Like 0
Dislike 0

Hi meggie,

You can definitely pre-pay your mortgage and this will be a good option compared to that of a refinance. As your credit scores are low, it will be difficult for you to get a refinance. However, you should check out your mortgage docs to find out whether or not there is a pre-payment penalty clause mentioned.

_________________
Procrastination is the enemy of your financial success
JP44

Guest







Post Posted: Sun Sep 19, 2010 9:25 pm    Post subject: chpter 13 refinance
Like 0
Dislike 0

We are looking for a lender to refinance our mortgage to pay off our chpter 13. We owe $40,000 and it was stipulated that we would refinance or sell our house to pay off the remaining balance we entered into the bankruptcy in 2004. We owe $171,000 on our mortgage and our house is valued at about $220,000. Our last check on our credit score was 526, and we had been late on a couple of payments. By the time it went through all the attorneys we were 4 months behind and had to make up the payments overtime to avoid foreclosure. in making the double payments we have been late in paying our regular utilities, and our checking account is in the negative. We have been current and have paid all the back payments. We know we will have to pay a higher interest, but we will be debt free once we have paid off the chapter 13 with our payments to the trustee being $1500.00 a month and our current mortgage at $1080.00 Is there a lender we can look at to help out?
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10148
Location: Nevada
941.94 Dollars($)
Post Posted: Mon Sep 20, 2010 12:58 am    Post subject:
Like 0
Dislike 0

Hi JP,

As you're in a bankruptcy filing, most of the lenders won't be ready to give you a mortgage refinance immediately. I would suggest you to wait for 6 months and then apply for a refinance to check out if your current lender is ready to refinance the loan.

Thanks
Calli Malin

Guest







Post Posted: Fri Jun 17, 2011 5:09 am    Post subject: Refinance
Like 0
Dislike 0

I own 2 homes valued at twice what they are mortgaged. I would like to refinance but am retired and recently widowed. One loan is a 3 yr balloon due soon. I would like to find a company to refinance so I don't have to deplete my limited financial resources. Can you suggest options?
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
 Previous  1, 2, 3, 4  Next  
Page 3 of 4

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.195 seconds.