Posted on: 18th Sep, 2009 08:18 am
i have an arm at 8.75%. i have $105,000 in equity in my home. i want to refinance to get out of the arm. the bad news is my credit score is 602 with equifax. should i wait until it reaches 620 before i start applying?
With 602 it will be really difficult
Sionce you have good equity in the house you may be better off waiting until 620 and then refinance. Until then pay your bills on time and propely so ti can help you improve quickly
Sionce you have good equity in the house you may be better off waiting until 620 and then refinance. Until then pay your bills on time and propely so ti can help you improve quickly
Hi allenboys!
Welcome to forums!
It will be in your best interest to wait until your credit score reaches 620. Once you have a credit score of 620, you would be able to get a FHA refinance loan. However, if you want to go for a conventional loan, then 720-740 is the minimum score that you would require. To know some steps to improve your credit score, check out the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It will be in your best interest to wait until your credit score reaches 620. Once you have a credit score of 620, you would be able to get a FHA refinance loan. However, if you want to go for a conventional loan, then 720-740 is the minimum score that you would require. To know some steps to improve your credit score, check out the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane