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| *Ostroff, Fair and Company>>>Renting & Real Estate |
Who should I call to refinance my home? |
I've got fair-to-poor credit & want to refinance my house to (hopefully) get a better interest rate, as well as get some cash out of it to pay off other bills (the ones that are messing my credit up). I've got the equity to cover this, but I'm having trouble finding a lender who's willing to cover me. Any suggestions or advice will be appreciated. You may be better off trying to improve your credit somewhat first. If you are trying to get some extra cash out (over 2k or 2% of your loan) and lower your payment and interest rate with fair to poor credit you are going to have an extremely hard time doing so. Heck from what you are saying it looks like you are having a hard time just finding someone to approve a refinance loan to you altogether. Chances are if you are being turned down already by a few lenders, then there is little chance of your refinancing and improving your situation. There are going to be many people telling you they can put you on this "great program" that is good for people in your exact situation and making it sound great, however, most likely they will only get you into more trouble than they are worth. Check out the link below on credit/credit repair and credit scoring to find ways to improve your credit. Their are some methods which can actually improve your score much quicker than others and may help you to be able to refinance sooner. Ps: Stop having companies pulling your credit immediately. You don't want your score to suffer any more than it has to right now. Source(s): http://www.fshomeloan.com/index_files/mo... (credit blog) http://www.nomoneydown123.com/florida/ca... (refinancing with cash out information) clean up your credit first, cause chances are you won't be able to refinance at a more favorable rate until you do. Your going to have to call a broker, they work with various lenders who have various programs. After pulling your credit report they will be able to better identify what programs are going to fit what you need to do. Also remember there are various factors going into a refinance. Credit score, LTV, DTI, Cash out/ No Cash out, so it is much better to call a professional broker than some chimp who works at countrywide and has no idea what they do ...all they want to offer you is a "Combo Loan" lol. The only advise I give people today is: The internet companies can be shams. You are better off using an established firm within your state. One that has offices actually located in your state. If you have to pay for the appraisal at the door, don't use that company. Because if you don't close the loan with that company, you lose the money you paid for the appraisal, and guess what? You can't get a copy by law. The loan company that ordered it ownes it. Good Luck! Ok so the FHA offers a program, with a credit score over 500, if you have no mortgage lates in the past 12 months, you can get cash out to 95% LTV and a 7.25 interest rate. Mortgage questions? Email me at scornwell@newworldfederal.com |
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