I've have a mortgage for almost 2 years and closing month it be over 30 days in arrears, can i still remortgage?
its a variable rate above 8% and I need it to come down...what can i do?
Answers:
Yes you can refinance but if you have any belated payments, this will lower your credit score and the intererest rate you will pay may be greater. I would try to get a fixed rate loan if you can. Good luck.
Absolutely, dance to www.fha.gov or www.fha.com. There is an fha program called fha secure. As long as you own 3-5% equity in the home, and have an adjustable rate mortgage, they will refi you beside mortgage lates. This program is specifically designed for people that are having a knotty time paying their mortgage with the adjusting rates. Check it out, this should be right up your nouns, good luck, and feel free to ask me a give somebody the third degree if you need to Source(s): mortgage broker
You might know how to negotiate with your lender to lower your rate.
You should also look at FHA options, but do it spur-of-the-moment, before you get further losing.
I suspect any refi option you currently have would be at a superior rate than you are already paying, so be very careful.
In a refi, label sure that you READ THE NOTE when you sign the docs and that it specifies the rate and term you expected. Make sure that the note is within the documents that escrow gives you after you finish signing them. You have 3 days to quash the deal after you sign.
As paranoid as it may sound, I enjoy known people who be pressured to sign docs without reading them, and folks who didn't know they didn't have copies of their minute until they asked me to review it and it wasn't in the docs. I have know empire who thought their documents promised a much better deal than they actually get. Practices that have given my profession a black eye and put a lot of race in trouble.
Buyer Beware! Source(s): I am a Loan Officer originating loans surrounded by California dedicated to educating borrowers so they don't get screwed.
Yes you can still refinance but that 30 day postponed has hurt your credit score significantly. Source(s): Alan Openshaw Mortgage Broker
Warminster Pa
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Answers:
Yes you can refinance but if you have any belated payments, this will lower your credit score and the intererest rate you will pay may be greater. I would try to get a fixed rate loan if you can. Good luck.
Absolutely, dance to www.fha.gov or www.fha.com. There is an fha program called fha secure. As long as you own 3-5% equity in the home, and have an adjustable rate mortgage, they will refi you beside mortgage lates. This program is specifically designed for people that are having a knotty time paying their mortgage with the adjusting rates. Check it out, this should be right up your nouns, good luck, and feel free to ask me a give somebody the third degree if you need to Source(s): mortgage broker
You might know how to negotiate with your lender to lower your rate.
You should also look at FHA options, but do it spur-of-the-moment, before you get further losing.
I suspect any refi option you currently have would be at a superior rate than you are already paying, so be very careful.
In a refi, label sure that you READ THE NOTE when you sign the docs and that it specifies the rate and term you expected. Make sure that the note is within the documents that escrow gives you after you finish signing them. You have 3 days to quash the deal after you sign.
As paranoid as it may sound, I enjoy known people who be pressured to sign docs without reading them, and folks who didn't know they didn't have copies of their minute until they asked me to review it and it wasn't in the docs. I have know empire who thought their documents promised a much better deal than they actually get. Practices that have given my profession a black eye and put a lot of race in trouble.
Buyer Beware! Source(s): I am a Loan Officer originating loans surrounded by California dedicated to educating borrowers so they don't get screwed.
Yes you can still refinance but that 30 day postponed has hurt your credit score significantly. Source(s): Alan Openshaw Mortgage Broker
Warminster Pa
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