Help With Refi

[SOAPPRO]

Is There Anyone Who Help Me?

I Refianced My House 1 1/2 Years Ago To Save It. It Had Not Gone Into Forclosure But Was Close. I Refianced It At 7 3/4 Percent Fixed For 2 Years And A Varialble Rate After That. I Have Not Been Late Once Since Then, But My Credit Is Bad. I Have Paid Off All Bills
Except For About $3500.00 In Old Bad Debt. I Have Paid Off All Other Bills. I Am Now Making About 45,000.00 A Year.

I Am Wodering Are There Any Mortage People Out There That Can Tell Me How Possible To Get A Fix Rate Within The Next 6 Months I Do Not Need To Take Any Equity Out. I Probably Only Have About $20,000.00 Equity And Dont Want To And Any More Debt On The House Than I Have To.

Thanks For Any Iformation You Can Give Me.

[Raisecapital01]

Re: Help With Refi

The one thing they are going to look at is your credit score. I have seen a score of 550 good enough to refinance the house. When talking to mortgage companies do not make yourself seem to vulnerable.

[Elgin526]

Re: Help With Refi

From what I understand, most mortgage companies look at just more than your credit score. The fact that you've paid off all of your debt other than your house should be factored in, as well as the fact that you haven't been late on your new home loan since you last refinanced. All you can do is try and apply for a refinance and see what happens, the worst they can say is either "no" or come back with an insane interest rate.

[Raisecapital01]

Re: Help With Refi

I agree. If you do not try, you do not know what the possibilities are. When approaching people for refinance, make it seem you have time to shop around. Some finance officer's commissions are set on tiers.