Posted on: 10th Jul, 2012 05:34 pm
Hello I have a conventional loan with CalHfa. It's not protected under freddie mac or fannie mae. It's at an interest rate of 7%.
Calhfa gave me a loan forbearance. with a rate at 4.5% but it will raise back up to 7% in two years. any sugestions on how to get financing?
I owe 274000, it's current value is 231000
C Credit
Calhfa gave me a loan forbearance. with a rate at 4.5% but it will raise back up to 7% in two years. any sugestions on how to get financing?
I owe 274000, it's current value is 231000
C Credit
hi wiz2uusa,
i will suggest you to go for the loan forbearance for the time being and take advantage of the low rate. you can even build some equity in the property in the meanwhile. after two years, you can contact your local lenders and try to refinance the loan in order to get better terms to pay off the loan.
i will suggest you to go for the loan forbearance for the time being and take advantage of the low rate. you can even build some equity in the property in the meanwhile. after two years, you can contact your local lenders and try to refinance the loan in order to get better terms to pay off the loan.
Hello wiz2uusa,
The better your credit score the better chance you have at qualifying for a decent loan to help you purchase the home you have always wanted.
:idea:
The better your credit score the better chance you have at qualifying for a decent loan to help you purchase the home you have always wanted.
:idea:
Hi wiz2uusa!
Welcome to forums!
I agree with Sabrina that it is very important to have a good credit score in order to get qualified for a mortgage with good interest rate. If you don't have the required credit score, then you can take help of the given page to know some steps to improve your score: http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with Sabrina that it is very important to have a good credit score in order to get qualified for a mortgage with good interest rate. If you don't have the required credit score, then you can take help of the given page to know some steps to improve your score: http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane