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in december of 05, my boyfriend bought a home with a fixed rate of 7.9% for 2 years and adjustable aftewards. (there is a penalty for early payoff) now it is almost time to refinance to a fixed rate but his credit score is lower than before.(late payments on mortgage, some unpaid credit cards and a garnishment. is it still possible for him to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] or do he have to wait?

ckalvesmaki's picture
ckalvesmaki | Joined: January 28, 2006 06:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi csdancer,

Welcome to mortgage fit. Can you give us a bit more information. Specifically.......
1. What is the value of the home? What is owed on the home?
2. Do you know what your credit scores are? The best place to check is myfico.com the scores pulled there most closely resemble what a mortgage broker or banker will pull.
3. How late where the mortgage payments?
4. Are you able to verify income?
5. do you have reserves ie 401k or savings?

With this information we can better answer your questions.

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csdancer's picture
csdancer | Joined: August 19, 2007 07:00 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

the last time i checked, the credit score was around 550, about 6 or 7 of the mortgage payment were 30 days late, income can be easily verfied and -0- in savings and i'm not sure about 401K.

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Csdancer,

Welcome to the forum.

Though your credit score is quite low, yet you can possibly refinance. But your bad score will have a negative impact on your refinance loan as it may charge a higher interest rate. The lender charges the higher interest rates on the loan because of the risk involved in the credit transaction. So I think it will be better if you wait for sometime and refinance later. First, try to improve your score and clear some of your debts. To know how to improve your credit score, you can refer to: http://www.mortgagefit.com/credit-rating/credit-repair.html

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ckalvesmaki's picture
ckalvesmaki | Joined: January 28, 2006 06:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

csdancer,

Do you know the value of the home? What is the approx payoff? Conforming loans while not score driven are risk based. The only way to find out what kind of rate you will get will be to apply with a lender or broker and have them run the loan through an automated underwriting engine........reserves is balance in the 401k will help possibly improve your rates.

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Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Csdancer,

I would ask you the same question as others - what's the value of your home? When have you determined the home value last time? If that's been a few months ago, then I think it's better you have an appraisal done as that will be required for the refinance. And, if it's been long since you have verified your score then it's time for you to pull out your credit report once again. Also, check your 401k account cash and find out how much you have in reserves.

It's good to have reserves as that helps in qualifying for a loan and even getting comparatively lower rate. Now, I would suggest that you repair your credit first and then go for the refinance. But if it's a necessity, then why not take a look into the lenders' profiles in our community. Or else, you can request us for mortgage quotes and we shall forward it to our community lenders. They will try to match their loan profiles with that of yours and if something good really turns out, they shall contact you asap.

Good luck :)

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evolovik26's picture
evolovik26 | Joined: August 15, 2007 11:43 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You can refinance at 550 score but you will likely have to be at loan value of 80% or less then the appraised home value. The loan will most likely have to be a full income documentation loan. The mortgage will have to be brought current and you can expect interest rates of 10% +. So if you think you fit all of the above and a loan at 10% would be good for you then you can start looking for a lender othervise you need to work on your credit score or look for alternative solutions.
Perhaps a refinance in your name if you have a better score can be done.
There some solutions but not all of them will make sence.
I guess the bottom line is if you want to refinance into a better loan in the future having lates on your mortgage is not a good idea.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own a duplex that is owner financed. I purchased the property under an LLc of which I am part half owner. I want to refinance the property in my name only. There seems to be problems because of the owner financing. My credit score is around 640. I have copies of all the cancelled checks showing on time payments since the property was purchased. Also I made a down payment of 30.000, there is a balance of 108,000.00. I want to refinace to pay off some debt and get a lower interest rate. The duplex is my primary residence.....there seems to be much confusion from lenders because of the LLC and the owner financing...any suggestions would be helpful...

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jmiller's picture
jmiller | Joined: September 4, 2008 09:39 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You can do what is called a "loan modification"

*You can keep the same lender / mortage company
*We have attorney's that negotiate with your lender to give you a lower and more affordable payment
*You get to keep and stay in your home
*Does not matter what your credit score is
*You can be in foreclosure, have late payments, etc.
*95% Approval Rate

I am a Mortgage Professional, and I do stand by everything I post

Wholesale Financial
Jamila Miller - Mortage Coordinator
888-789-3998 ext.301

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

To dbrides,

Are the lenders asking you to remove the property from the LLC so that you own it individually and not under the LLC name? If so, then you can use a quitclaim deed stating that as the grantor, you are transferring property under LLC to you as the individual grantee.

To jmiller:
Welcome to forums.

I hope you're enjoying participating in the forums. I've been reading some of your posts and it's good to have you amongst us. But I have a question here. Do you think in the situation as dbrides mentioned, a loan modification would be better than refinance? Moreover, it's not traditional financing, but owner financing that dbrides is involved with.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can you get a fha mortgae with a tax lien and judgements on your cr.

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Rodney,

Please refer to a similar query at http://www.mortgagefit.com/fha/taxliens-judgments.html .

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

At the end of May, I applied for a refinance with a mortgage company. I was told that I needed to pay some extra on credit cards to raise my credit score. I did that and of course could not recoup on my budget. I was told that the rescore was where we wanted it and that the loan was approved. This went on up until today. I was told that the loan would close in August so I wouldn't have to worry about a mortgage payment. So, I didn't. Then I got an e-mail that said they had ordered a payoff and I had not made my mortgage payment. Because I had used the money to pay $450.00 for the appraisal that they had ordered. I was told that the loan would close on September 15th. So now I have 2 mortgages late and really don't know where to turn. I was told today that the loan would not be approved because of the late mortgage payment. Is there an option for me to refinance with anyone? Because I cannot catch up from this failed process, I really don know what to do.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

m.l., you were given bad advice in August. i hope everyone who reads this will understand that being told that you [b:47141ade6d]"wouldn't have to worry about a mortgage payment"[/b:47141ade6d] because you were about to close is advice never to follow - never ever.

always pay, under the assumption that your loan will not close. as you can see, the result is sometimes that you cannot close at all. you can always try another lender, plead your case (maybe even get a letter from your existing loan officer explaining what happened on their end) and perhaps get some relief.

what you'll need to do, no matter what, is to bring your mortgage current now. that is imperative and without a doubt the thing to do.

if you cannot catch up, you'll need to contact your existing mortgage lender right away to work out an arrangement. keep that arrangement and down the road, you'll probably have another chance to refinance.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I was told by my atty. that it would help if I could re-finance my house. I am currently paying 11% interest on my mortgage. I am currently up to date on my mortgage pyts., & they aren't included in my [url=http://www.mortgagefit.com/bankruptcy/chapter13.html]Chapter 13 bankruptcy[/url]. What are my chances of getting my interest lower and would it be beneficial? Thanks

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

donna, the reality of the marketplace is that while in bankruptcy, you're not at all likely to obtain a refinance. i don't mean to slam your attorney, but it appears that he or she is not on top of the mortgage market at this point.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes me/ my ex-husband have a house together. we recently was discharged from bankruptcy, we have an adjustable rate it has been 11% to 12. We would like to re-finance at a fixed rate , get a lower payment . What are our options??????Help PLease/ Thanks

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

donna, you're going to have to be out of the chapter 13 before anyone will be able to do your [url=http://www.mortgagefit.com/refinance.html]refinance[/url]. how close are you? and do you know your credit score?

yes, it's definitely beneficial.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I'm currently in an adjustable rate mortgage of 12%. My credit score is about 640. My debt to ratio is high because I cosigned for a student loan for my then fiance. We are now married and she is working as a RN. Her credit score is about 630 and she has multiple student loans on her credit. Can we combine our income and get a better rate.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

henry, i think you are in good shape to refinance. i will suggest that you look into an fha loan, as the point structure on conforming loans will ding you for your credit scores. assuming that your joint income relative to your joint obligations will be less than half of your gross income (including the new mortgage you propose to take), you ought to be able to find financing easily.

by all means, you will do well to get out of your 12% rate - check and see if there is a penalty for early prepayment, and when that penalty goes away. you might want to wait to do the refinance if it will allow you to avoid a penalty.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I just found out my home loan is due in full 4/29/2010 - It is interest only at 10%. We have lived here for five years in July 2009 and never been late on a payment. However, our credit is bad. What can I do?

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

terri, if you've never been late on your mortgage, your credit scores can't be [i:bfb0d5fb14]that[/i:bfb0d5fb14] bad. one favorable thing, of course, is that you've got a year to work on your credit and get to the point where you'll be able to refinance.

i'd also have to think that your mortgage lender would make themselves available to refinance the loan at that time as well. have you had that conversation?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i have chapter 13 bankrupcty and mortgage payment of $5000.00 amonth
1700.00 bankrupcty payment. lost my fulltime job only working parttime even with my husband income and daughter's income it's not enough rented out two rooms at $500.00. can't even put the home up for sell. please give me some advise fully stressed out!!!!!

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi frankie,

Walking away from the property is not a good option in my opinion. If you walk away from the property, the lender will foreclose it which will badly affect your credit score. I would suggest you to speak to your lender and check out if he can offer you any kind of option or not.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I called my mortgage company for refinancing help they stated that my FICO scores are 679/610/0 according to the reporting companies Transunion, Equifax and Experian, therefore too low to refinance.

Called Transunion to find out why the low score and was told it is because my mortgage company has only reported 7 months of payments out of 10 year loan history.

Called my mortgage company to find out why and they said it was because I did not re-affirm the loan after claiming bankruptcy over 6 years ago.

Can't even get a person on the phone at Experian to find out why they have nothing to report.

What can I do to get refinanced?

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

you need to seek out a lender who offers fha loans. perhaps the information your mortgage company put into the credit request was not totally accurate. someone might run a new report and come up with an experian score. fha is looking for 620 scores now, with pricing adjustments minimal.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Already went that route and was told my FICO must be no lower than a 620 median.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi john,

I guess the FICO score that you obtained from Experian is showing as 0. Recently Experian had come up with a rule that they will not allow the consumers to view their credit score. They will come to know about their Experian FICO score by contacting their lenders. This can be one of the reasons why your FICO score is showing as 0.

Check out the following link to know more:
http://www.mortgagefit.com/blog/nofico-experian/

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My lender is the one who advised me of the no report from Experian so now what?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

john...I would suggest you to contact Experian and get to know what has been the issue. You can even conatct an attorney to deal with the credit bureau if you are not confident dealing with them alone.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

[size=9:8d0938b4da][color=Red:8d0938b4da][E-mail address deleted as per forum rules. Thanks.][/color:8d0938b4da][/size:8d0938b4da]

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Not sure what you are trying to accomplish. Are you looking to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] 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.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Realgeni's picture
Realgeni | Joined: April 13, 2009 08:03 pm | Posts: 0 | Location: New Jersey | 00 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?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

[size=9:d20d7e18b0][color=Red:d20d7e18b0][E-mail address deleted as per forum rules. Thanks.][/color:d20d7e18b0][/size:d20d7e18b0]

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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 [url=http://www.mortgagefit.com/foreclosure/17ways-avoid.html]avoid foreclosure[/url]. 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?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Calli!

Welcome to forums!

If you have a good credit score and some source of income, then you can contact your local lenders and apply for a refinance. You can also speak to the lenders who are a part of this community and seek a no obligation free mortgage quote from them. This will let you know whether you can [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url] refinance.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own a home that is almost paid off..i have a 20 year mortgage and almost have in paid off in 10 also i have never been late on a payment, but i have a low credit score. Can I still refinance?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi rebekah,

With a low credit score, it will be difficult for you to qualify for refinance. Nevertheless, you should speak to your local lenders and check out if you can get a FHA refinance.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my bankruptcy was discharged in 2007, my question is there a chance that I could get a lower interest rate with this over my head. If so , would there enough of a difference to make the change now?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome dennis,

If you have a good credit score now and a stable income, then you will be able to qualify for a low rate while you [url=http://www.mortgagefit.com/refinance.html]refinance[/url] your mortgage.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Is there any lenders that will do an FHA [url=http://www.mortgagefit.com/refinance.html]refinance[/url] after I had missed 2 payments 1 2012 and 1 2013 due to a layoff. I had a great payment history up until now! My credit score is 670. Is there any lenders that can help with a refi? I am current on my mortgage! and go back to work on March 1st.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:31 | Post subject:

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