Posted on: 30th Dec, 2008 08:56 am
credit score 640 taxes killing me! own home for 2yrs, intrest going up by end of 2009, what should I do?
you already answered your own question, actually...you need to refinance.
your credit score isn't too special, but it won't hurt you if you try to obtain an fha refinance. you'll pay mortgage insurance with fha, but you'd be penalized for the score with conventional refinancing.
assuming you've not been late in making your payments, and you can afford it, and the value of the property is sufficiently high, you ought to be able to do what you wish by refinancing.
your credit score isn't too special, but it won't hurt you if you try to obtain an fha refinance. you'll pay mortgage insurance with fha, but you'd be penalized for the score with conventional refinancing.
assuming you've not been late in making your payments, and you can afford it, and the value of the property is sufficiently high, you ought to be able to do what you wish by refinancing.
Hi jeannero!
Welcome to forums!
I agree with George here. Refinance is the option for you. You have mentioned that your rates will go up at the end of 2009. So you can wait for 2-3 months and try to improve your credit score if possible. If you are unable to improve it, I would suggest you to try out for a FHA refinance. If there are no late payments or collections in your credit report, you will get a FHA refinance. FHA loans are available even at a credit score of 580.
You can also check out with the lender of this community and seek a no obligation free mortgage consultation. This will help you knowing the market rates and conditions.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
I agree with George here. Refinance is the option for you. You have mentioned that your rates will go up at the end of 2009. So you can wait for 2-3 months and try to improve your credit score if possible. If you are unable to improve it, I would suggest you to try out for a FHA refinance. If there are no late payments or collections in your credit report, you will get a FHA refinance. FHA loans are available even at a credit score of 580.
You can also check out with the lender of this community and seek a no obligation free mortgage consultation. This will help you knowing the market rates and conditions.
Feel free to ask if you have further queries.
Sussane
I have a interest only loan that is owned by a privet lender (trust) and my mortgage next moth will double. I need to refinance. I field bankruptcy and I have bad credit. Can anyone HELP ME?!!!!!
Hi irma!
Welcome to forums!
With a bad credit it would be difficult for you to get a refinance. Lenders won't refinance the loan if you don't have a credit score of 700-720. You have mentioned that you had filed for bankruptcy. Didn't you include your mortgage in the bankruptcy filing?
Sussane
Welcome to forums!
With a bad credit it would be difficult for you to get a refinance. Lenders won't refinance the loan if you don't have a credit score of 700-720. You have mentioned that you had filed for bankruptcy. Didn't you include your mortgage in the bankruptcy filing?
Sussane
susan, your post is misleading. a borrower can certainly refinance with scores well below 700. it's not going to be cheap, but then again, with some of the mortgages that exist out there, it might still be cheaper than simply holding on.
hi jeannero,
as you want to avoid the high interest rate for mortgage you should "refinance"
but is t true that in such recession period the mortgage interest rates are increasing. i am really surprised.
i will also suggest you to check with several lenders about the rate of interest on mortgage.also there is option of changing lender or pay off 1st lender with lower interest rate second mortgage loan.
you should do such analysis before taking any decision
as you want to avoid the high interest rate for mortgage you should "refinance"
but is t true that in such recession period the mortgage interest rates are increasing. i am really surprised.
i will also suggest you to check with several lenders about the rate of interest on mortgage.also there is option of changing lender or pay off 1st lender with lower interest rate second mortgage loan.
you should do such analysis before taking any decision