Time to refinance? How low can mortgage rates go? Reuters Blogs (blog)
Mark Sass and his wife Jan decided to refinance the mortgage on their Cincinnati, Ohio, home on Friday, just days before the Federal Reserve pledged to keep rates near historic lows through the first half of 2013.
“I knew the Fed statement was coming out and rates had dropped to historically low levels, and it just seemed like an opportune time. I hadn’t even thought about it until then,” says Sass, who owns his own marketing research company.
Their original mortgage had a 20-year amortization period — at a 4.875 percent rate — with 12 years remaining. They are rolling it over into a 10-year mortgage with a 3.5 percent rate. “I was able to knock a couple of years off the term with a very modest increase in the monthly payment,” Sass says. “It seemed like a no-brainer to me.”
Sass and his wife are both 55, so retirement is on the horizon. “The opportunity to look 10 years out and know that – unless things change – we won’t have a mortgage when we retire looked like a smart decision,” Sass says, adding the overall savings on interest by reducing his term will be in the neighborhood of $20,000.
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Poor Credit Home Loans - Some Valuable Facts!
www.realcase.com Lenders assign you a credit score any time you apply for credit. This is there way of them determining whether you are a likely ...
How do I get out of my 20% APR? Where can I refinance my vehicle with poor credit?
My boyfriend was forced to use Drive Time because of his poor credit, he is now stuck in a 20% APR, paying $200.00 every 2 weeks. On a 2003, bottom of the line F150. We are desperately searching for what measures we can take to get him refinanced? His bank has already turned him down, and Drive Time will not work with him. Is a self reposession our only option?
Anyone know of a mortgage lender who will refinance with poor credit at a decent interest rate for a new start
Try E-LOAN, Quicken Loans, and Choice Finance.
But, first I'd find a mortgage broker who works with multiple lenders to find the best deal. Usually, these loans get sold later, but getting the loan is the first objective.
And, whatever you do, DO NOT use Countrywide Home Loans or Full Spectrum Lending (they are one in the same). These people could screw up a 1-car parade.
Yes there won't be problem for bad credit .Write to me the exact details of your home -the price , the state and all details .Am a loan officer and i will provide the best rates for you .You provide the details to me at my e-mail kishaloy_bhowmick@yahoo.com or call me after 6 pm (mountain time) at 480.751.4125 for the details .
I will surely ask my lenders and my manager to look into your case.
regards,
kish
if you have a poor credit score can you refinance and with which mortgage co do you suggest is fair?
I have a poor credit score but I have credit card debt and medical bills. I need to pay off. I have been in my home for five years got in a financial crisis lost my job that is why credit score went done. I have a job now.Now I need my equity to pay off debt. Do I have a chance due to poor credit now to refinance? If I do can you refer me to a highly reputable/ fair mortgage company or any other suggestions for my situation. need help!! Thanks
First, yes there are refinance programs available for people with every sort of credit, from terrible to excellent. Many lenders specifically focus on individuals with credit problems. However, programs for people with poor credit are not created equally, and it can be difficult to find the right one for your needs.
While your credit score is important to lenders, other factors can compensate for a low score. For example, a low loan-to-home value ratio (LTV) will help. Poor credit does not necessarily mean you cannot get quality financing.
Second, now that you have a job, make sure you stay current on all your payments, ESPECIALLY your mortgage payment.
Third, I am a Senior Loan Officer for the mortgage brokerage Home Loan Consultants (Better Business Bureau registered and fully licensed). I can be reached at rbyrne@hlclendingpb.com if you want detailed information including research on rates, programs, and lenders.
Your best bet may be to find a reputable loan broker. A loan broker is an intermediary agent between a borrower and a lender. While each lender has their own requirements, a loan broker works with many lenders and can go to one that will be better suited to your needs.
A loan broker will pull your credit and discuss it with you. Based upon your credit and current income and expenses, they then will talk with lenders who best suit your needs.
Before working with any mortgage broker or lender, be sure to check with your local BBB and your state's broker licensing department.
The best of luck to you.
If they refuse or don't have as good rates, check around your city at the banks and credit unions and get some quotes. They don't charge you to get pre-approval or to consult with them.
Make sure you read the fine print and know the pluses and minuses of re-finacing. Rates have gone up so it might be detrimental to re-finance instead of just keeping the status quo and paying down your other debts.
There are also non-prifit places that can help with credit counselling (check your local social services office) that might have other options for you too.
http://www.researchitforme.com/wesayes/homeloans.html
should be valuable resource for you
http://homerefinance1.blogspot.com
Will having an ARM and poor credit allow me to refinance?
Having a credit score of below 600 and an adjustable rate mortgage - will I be able to refinance to a fixed rate?
It depends on several things.
1) What is your mid score
1a) Why is your score low, do you have judgments,tax liens, mortgage lates in the past 12 months?
2) What is your debt to income ratio?
3) Do you have enough equity in your home or do you owe more then what its worth?
With a score under 600 the only way you will be able o refinance is with an FHA loan.
Let me know if you need more info or help.
Here is a link to see if you would qualify through FHA.
This is not a promotion nor an endorsement for this web site
http://www.fha.com/application_ml.cfm?PPCID=102
Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice
3 Year Arm is Up, Need Mortgage Refinance with Poor Credit?
Three years ago, my parents got caught up in the sub-prime market and signed 2 mortgages, one with a 3 year arm and is an interest only loan. The 3 year arm is almost up and they were told by countrywide that they will be switched to a variable rate and the monthly payment will rise significantly. They can't afford this and are contemplating foreclosure. They tried 6 companies and no one will help. Does anyone have any advice on who can refinance a loan with poor credit?
BTW, the house is located in castle rock, colorado and there is no equity in the house or they would have sold it. They refinanced the second loan a while back to borrow money and have used up what small amount of equity there could be since the market has been so bad.
Which companies did they check with? Were they big name banks? This might be a situation where a mortgage broker may come into play. Is there any equity in the house? I'd be happy to look at the situation for you if you'd like. I would just need to know a little more information such as what state you're in, what's wrong with their credit, what's their credit score, how much do they owe and the value of the home. If that doesn't work I know Countrywide has several programs to help out. My daughter works in their servicing dept. If you want you can email me the information and I'll see what I can do to help your parents.
Good luck.
a problem that you may have is that it will be a refinance cash out......if you took out the 2nd loan after the first loan
Need a loan to refinance mobilehome,purchase land with a poor credit score?
My husband and I make 80,000 a year. But our credit score is near 500. No matter what we do. We cant seem to bring it up. We are owner financing the home we live in and have perfect payinh history with them. But it is not reported to a credit agency. I have tryed many companies over the years and turned down every time. We need someone to take a chance with us.
Your score is way too low. You are not specific as per what you are trying but you should be able to improve it by simple things like paying bills on time.
http://hopeways.blogspot.com/2008/08/restore-my-credit-report.html
The company has a new program it is testing and will only available in specified zip codes.
For details: http://nbjmp.com/click/?s=52473&c=95925
This is about home refinancing. My husband would like to refinance but my credit is poor.?
If he refinances with our son, who has better credit then I do, would that mess up my sons chances of getting home financing in the future? Also would that put my son on the deed and take me off?
Would it affect my sons ability to purchase a home even if we showed that we were making the payments?
Hi 123abc,
It could affect your sons ability to buy his own home in the future. Lenders want to know what his back end debt ratio will be. IE: Does he make enough to support two homes. A back end ratio greater than 55% may put him in jeopardy depending on his situation when he looks to buy his own home.
If your husband and your son wanted to proceed they would be legally responsible for paying the loan. You would be off title until you submitted what's called a quit claim deed, or warranty deed in some states.
You would then hold legal interest in the property, but you would not be held responsible to pay on the mortgage.
Your credit will still show, however if you are not going to be taken into consideration for qualification purposes, than there are programs that can minimize the effect of a derogatory spouses credit profile.
Good Luck,
~Trey
Hope this helps.
XOXO
It doesn't matter who is making the payment... this is not how lenders look at it. If your son is going to be on the loan then it will show as debt on his credit report. This means in the future when he wants to buy his own house he should be making excellent money to support payments of both mortgages. His debt to income ratio has to be 40% or less, in other words if the 1st mortgage payment is $2,000 and the 2nd mortgage payment is also $2,000. Then adding them up is a total of $4,000. So your son has to be making 10,000 or more to qualify for a loan if he was to show his income. or he can do stated income and state that he makes 10,000 but this would have to make sense to his position title at his job.
I hope i made sense to you. if you want further explanation you can email me at maikh81@hotmail.com and we can exchange phone #s and I'll be able to provide you with more info.
I am trying to refinance my car, but have poor credit. My interest rate?
is really high, but I have had my car over a year. does anyone have advice on a reliable place? Also creditprovider.com refinances however I have no information on them, has anyone used them and/or know if they are reliable? Thanks
look if you have made all your payments and on time for over a year then talk to the people you have it financed with and see if they will refinance at a cheaper rate
I have high loan to value ratio and poor credit and was also denied 3x for home refinance. Is there a way?
high LTV is there a way to refinance?
You have to understand the loaners point of view. It is not easy you have to get your credit straightend up wait 6 months keep making all your payments and try to increase your income.
can anyone recommend a decent loan company who will refinance a home mortage if you have poor credit?
refinance with poor credit - News
Treasury Department sees modest cutback in bank lending - Los Angeles Times
Washington PostTreasury Department sees modest cutback in bank lending In their report, Treasury officials said total mortgage and corporate loans were down by 1% each, while credit card balances were up 2%. Treasury Releases Depressing Monthly Lending Numbers Reviews of ‘TARP II’ may be all thumbs down The Trouble With TARP: Shareholders Trump Taxpayers
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A plan for home owners - Detroit Free Press A plan for home owners I call it REIMR — government-sponsored Reduced-Equity Insurance for Mortgage Refinance. The $787-billion compromise stimulus bill signed by the president |
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Should You Declare Bankruptcy? - Alibaba News Channel Should You Declare Bankruptcy? If that doesn't work (and chances are, it won't), she should seek help from a local credit union that could refinance the loan at a lower interest rate. |
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Bail Yourself Out Folks with poor credit scores are more boxed in. They can seek consumer credit counseling at debtadvice.org that can help them prioritize their loans. |
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TAKING STOCK: Credit Unfreezing For The Big Boys Only - CattleNetwork.com TAKING STOCK: Credit Unfreezing For The Big Boys Only She would be more impressed if less-heralded and struggling companies - that is, firms that actually need to borrow or refinance debt - were able to |