how do we refinance our home with low credit scores?

gmakerley · Posted: Sat May 09, 2009 6:10 am Post subject:

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.

Guest

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.]

smithsussane · Posted: Sun May 24, 2009 10:38 pm Post subject:

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

eric1 · Posted: Mon May 25, 2009 11:57 am Post subject:

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.

gmakerley · Posted: Tue May 26, 2009 7:36 am Post subject:

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.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.77 Dollars($)

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?

Guest

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.]

smithsussane · Posted: Wed Jul 15, 2009 8:45 pm Post subject:

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

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