bad credit; refinance by putting lump sum of $80-90,000 down

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bad credit; refinance by putting lump sum of $80-90,000 down

jameshogg

Posted on: 25th Mar, 2012 12:32 pm

single fam. home
7.75% interest
owe $272,000
home worth approx. $275,000-$300,000
matures in 2036
payment $2600/mo
poor credit (low 500)

worth it (or would we be able) to put lump sum down ($80=90,000)and refinance?

Total Reply : 2

Hi KingPoodleLuvr,

With such a low credit score, lenders won't be ready to refinance the loan. So, before you put down such a lump-sum amount, clarify it with the lender whether or not he will be ready to refinance your loan with low credit scores.

Thanks

jameshogg

Posted on: 25th Mar, 2012 07:39 pm

Hi KingPoodleLuvr!

Welcome to forums!

I agree with James that lenders won't be ready to refinance the loan if you have a bad credit. I will suggest you to improve your credit score and then apply for a loan. You can check out the given page in order 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

smith.sussane

Posted on: 26th Mar, 2012 08:27 pm

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