Will, below is a message I put on the "other" board before I realized you were gone. Was hoping you'd answer but now that I know you're here maybe I can get a response (not much over there). Do you guys know how far back late payments have to be on a CR before refi at the best rates? I have a paid tax lien ($128) released 1998. Paid medical collections (1 on EQ still shows as unpaid but paid on Ex) and 2 or 3 paid medical collections on Ex. (haven't pulled TU yet). ALL TL's are reporting pays as agreed but have lates like 30 days (couple in 2003), 60, 90 and even 120 lates going back to 2001, 2000 and before. Mortgage never late. Only debts are 3 cc with balances about $8k (just paid $3k on them but not reflected in CR yet and plan to pay $2500 more next month). Score today is 649 on EQ, last checked on EXP was 625. Hopefully will improve by end of month. Mortgage balance (1st and 2nd) is almost $100k. Market value on house approx $270k. What are chances for good low rate? suggestions? Thanks guys!
You are in! Your scores are great and everything looks good for the last 2 years. You will get whatever the best rates out there that you see...unless you want cash out which will either increase your rate or force you to pay points.........rates DID go up today....but with your DTI, Credit score, and the info I saw you are deffinetly in control. Nice thing is business is slowing down so loan officers are DYING to get loans believe it or not. You can talk most of them down on a bunch of their fees right now and I bet you get some good service. If you shop a few, shop the same dayso we are talking about the same days rate sheets.If you have any more questions feel free to ask..and BTW, I will check these forums as often as I can but if you want an immediate or somewhat fast response shoot me an email with a link to your question..unless I subscribed to a post it wont let me know to look..if that made any sense.
Thanks heaps Will. Your response makes me feel MUCH better. Still working on raising my scores too. I definitely need to educate myself on the whole fee thing and refi stuff so that's on my list of to-do's along with the credit stuff. (Miss ya on the other board...wish this one had PM's)
one more question Will, the 100K I owe is 67 on 1st and 33 on 2nd. I REALLY want to leave the 2nd alone as it is with CU and low interest already. Can I refi only the first and leave the 2nd?
You bet you can..it may cost anywhere from nothing to 100 dollars to have then officially subordinate..which means that once the first is paid off..and a new lender wants to come in....the CU is allowing the new lender to "cut" in line and go ahead of them as the first person to stake claim on your home if something should go bad and you foreclose. Thanks for the compliment.
