ok check this out i get approved for a house, my equifax score is 698, wifey's is mid 500's, so obviously they give me a lousy 11.5% rate, 1 1/2 years later im ready to refinance at 7% rate all in my name, income is not the problem, everything else on the report remains unchanged, still on time paymnts and all, but they wont refinance me because, get this, my score dropped to 620 beacause of that large loan, im still the same guy, still paying responsibly like i always do, only that time hasnt favored my fico scores, where is the justice in this i ask?
With a score of 698 you got a rate of 11.5%??? Holy crap, what's that about? We have upper 500s to low 600s and were told as soon as we pay off some medical collections we can get a loan at regular rates!
I GUESS JUST ONE OF THOSE COULDA WOULDA SHOULDA TYPE SITUATIONS, I ALSO DIDNT KNOW ENOUGH ABOUT CREDIT AT THE TIME TO FIGURE DOING THAT, BEFORE DISCOVERING CREDITNET THAT IS, BESIDES OUR MORTGAGE BROKER OMITTED MENTIONING THAT TO US, MAYBE TO MAKE MORE MONEY FOR THE BANK IF THERE WAS A SIZEABLE COMMISION IN IT FOR HIM, WELL IM NOW OLDER, AND MORE WISER, WE ALL LEARN FROM OUR MISTAKES, WHO WAS IT THAT ONCE SAID THE GREATEST ACHIEVEMENTS ARE ONLY DISCOVERED WITH THE GREATEST RISKS
is this a conventional loan or FHA or VA backed? If it's a FHA guaranteed loan, refinance with FHA Streamline.
