Looking to refinance. What mortgage rate an I obtain?
With a 642 credit score? Bought foreclosure and fixed up a lil bit. Purchased at 175k. With todays terrible flea market, I suspect house is worth 200k. Currently have an 80/20 with 7% and 12%. Self employed. Have an arm that expires within 3 more yrs
why not ask BANKS?
You won't know until you talk to a investor.
Recommend that you go to these sites:
http://www.bankrate.com/
http://www.bestrate.com/
and see what rates are available.
Your credit score is not principally high, but it is not terribly discouraging either. Folks have be refinanced with worse scores. You own some things going in your favor. Having approx. $25K in equity works really okay in your favor.
What will work against you are things like man self employed (depends on what you do, and how well you keep your records) and a lower consequently ideal credit score.
What I do not recommend is going to any of those trellis sites that claim the banks will compete for your business. (Ditech, etc...) the banks that contact you from those sites are not the most respected and reliable out nearby.
Since you have three years before your ARM starts adjust, you do have some breathing room. Talk with a loan officer presently, and if they do not give you an attractive enough rate, lurk six months to a year, and talk to them again.
Best of luck
6-7%
Mortgage rates differ a lot and are base on your credit rating and the value of the home. Before approving your loan, your lender will scrutinize your credit history. There are two types of mortgages according to the type of rate: fixed or adjustable. Consult a mortgage broker or contact the lender directly asking for quotes. This let you decide between both the varieties of mortgages.
http://lower-your-debts.com/category/Mortgage-Rates.html
High 6's low 7's
"> Chances are you'll have some trouble with such a low win if you have the equity you think probably around low 7's, you'll entail at least 10% equity if you have smaller quantity equity you may not be able to find a loan. Source(s): mortgage broker
I would recommend checking out www.lendingtree.com. They will hold 3-4 lenders compete for your loan and then you an see what the best deal out at hand is.
You can check out refinancing tips and my blog http://home-refinance-information.blogsp…
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why not ask BANKS?
You won't know until you talk to a investor.
Recommend that you go to these sites:
http://www.bankrate.com/
http://www.bestrate.com/
and see what rates are available.
Your credit score is not principally high, but it is not terribly discouraging either. Folks have be refinanced with worse scores. You own some things going in your favor. Having approx. $25K in equity works really okay in your favor.
What will work against you are things like man self employed (depends on what you do, and how well you keep your records) and a lower consequently ideal credit score.
What I do not recommend is going to any of those trellis sites that claim the banks will compete for your business. (Ditech, etc...) the banks that contact you from those sites are not the most respected and reliable out nearby.
Since you have three years before your ARM starts adjust, you do have some breathing room. Talk with a loan officer presently, and if they do not give you an attractive enough rate, lurk six months to a year, and talk to them again.
Best of luck
6-7%
Mortgage rates differ a lot and are base on your credit rating and the value of the home. Before approving your loan, your lender will scrutinize your credit history. There are two types of mortgages according to the type of rate: fixed or adjustable. Consult a mortgage broker or contact the lender directly asking for quotes. This let you decide between both the varieties of mortgages.
http://lower-your-debts.com/category/Mortgage-Rates.html
High 6's low 7's
"> Chances are you'll have some trouble with such a low win if you have the equity you think probably around low 7's, you'll entail at least 10% equity if you have smaller quantity equity you may not be able to find a loan. Source(s): mortgage broker
I would recommend checking out www.lendingtree.com. They will hold 3-4 lenders compete for your loan and then you an see what the best deal out at hand is.
You can check out refinancing tips and my blog http://home-refinance-information.blogsp…
Related Questions: