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Found 21 results

  1. Hello everyone, I've been a member here for years and this site has helped me immensely!! This is the first time I have posted a question because I wasn't able to find an answer in the search. I am trying to refi my property but my credit scores are too low because of high balances on my credit cards. Score is 603 and all payments have been made on time and never missed (need to raise my credit score close to 700 for refi). Most of my cards are close to limit. I just received a personal loan of $44,000 to pay down my cc's but now I'm wondering which route to take: Do I pay off a few
  2. Hello CV and everyone, Wanted your brutal opinion because I am in the process of refinancing my FHA loan and just received the loan closing disclosure (CD) today but wanted to know if I'm doing the right thing and/or its worth it or Not. My current FHA loan as follows: Appraised Property Value $400K Current Loan interest rate is 3.25% (closed this loan 13 months ago) Original Loan Amount $393K Current Principal Balance $383K (30yrs loan and nearly 29 yrs left). Loan Maturity date 08/2049 Current Monthly payment $2400 (Principal $671+ Interest $1,038 + Es
  3. Does anyone have any idea if I can expect for my mortgage scores to drop after refinancing? Here's my situation: I signed the loan docs for my refinance just this week. It's supposed to fund on Monday, September 28th. On Tuesday, September 22nd, I put an offer on an investment property that was accepted the following day (Wednesday, September 23rd). I received a soft pull pre-approval, however I'm waiting until my refinance funds before doing a complete hard pull application, because I don't want any problems with refinance. Should I be concerned that my score is going to dro
  4. I started the refinance process a LOOOOONG 64 days ago. I signed documents on Wednesday this week and haven't heard a peep about closing other than a request for employment verification this afternoon. Turns out my rate lock expires today and it appears the loan hasn't closed. The lender offers complimentary rate locks and has been extending it each time the deadline is met. I didn't receive any such documentation today and, of course, I can't reach anyone on the loan team since it's after hours. Wondering if I'm screwed. And by screwed I mean the rate I selected is now $2500 more
  5. Hi I would like to refinance my current house,I purchased my house back in 2017, for 300k I did 80 and 20 to avoid a PMI, My 1st mortgage was 4% and 2nd ( 20 % )was 6,5% . I could refinance for 15 yrs @ 2.75 % rate, or 3.375% for 20yrs. Which is the best route ? I know 15Yrs will save me tones of interest. The difference in a payment is about $269 more . Should I go with a 20yrs and pay $200 more toward my principal ? or pay $269 go with 15 Yrs. My goal is to own my house in 10 yrs ,pay extra toward m
  6. New account...old user. Hopefully I can get some good advice from the experts here. I am hoping to refinance my mortgage and have some questions about how to proceed. Info: Salary: 78K/year..solid employment in the medical field. Same employer for the past 8 years Scores at the moment: Mid score is 690, clean report with no negatives on any. My scores have dropped due to high utilization of CC DTI: high (75%) I built and closed on my house in Nov 2018. Owe: $295,000 Value: $400,000 (give or take a few thousand) I put 20% down to avoid PM
  7. Short Answer: It saves you a lot of money According to a recent research from Freddie Mac, the average borrower could save $1,500 just by getting one extra rate quote when applying for their mortgage. With five quotes, they could save $3,000 or more. Wow, so I should really do it. But how exactly should I do mortgage shopping? Preparation: Estimate your mortgage rate There is an old Chinese saying from The Art of War that “If you know your enemies and know yourself, you will not be imperiled in a hundred battles.” That’s exactly why this step matt
  8. Hello, I tried to do a FHA refi on a first mortgage that has never been late and a second with no payments in many many years. Well the FHA now requires all mortgages on the property too have a on time 12 month history. I am already in the process of my attorney working on a modification of the second defaulted loan. But we want too have a back up. Any ideas of other refi loans that this wouldn't be a issue with?
  9. Besides Penfed, who does cash out refi's? I have a paid off vehicle that I'm considering refinancing to pay off some credit card debt.
  10. Hello, I went ahead and dove into the new truck (previous posts debating back and forth etc). I will sell the used truck on craigslist/hoping to come out better than the $800-$1k the dealership mentioned. I prequalified through CapOne first, $35k at 7.85%. Truck cost more so I ended up with 9.99% at PNC. CapOne would not go up the few grand which I understand. My credit scores (fico 8 ) are 624 to 636 but of course different with the versions used for auto financing. Understanding where my credit sitrep stands I was ok with the CapOne 7.85%. Updating m
  11. Anyone know which lenders require income documentation for self-employed and which don't?
  12. I had financed a car with navy federal. at a amount of 65k. i was financed at 65k 8% over 5 years. after 2 years of perfect pmnts i was looking to refinance the loan. lower interest. NFCU does not refi there own loans so i started looking at other banks. My father told me to sell him the car (qualify for new rate) (so i did) since the car was new and 2 years later still considered new under NFCU loan guidelines... car was a previous year model under 9k miles would qualify for new car rates. so within the first 6 months my father
  13. Good morning, I am writing this on behalf of a family member. She went through a nasty divorce in 2009 and had to vacate the home. The ex husband still resides in the home, however he has paid the mortgage late consistently and the house is always going into pre foreclosure. Because he refuses to sell the home her name remains on the mortgage and her credit score is horrible because of this. Is there any way to remove her off of this so she can try to salvage her credit? Can it be reported to the credit bureaus?
  14. We are having plumbing issues with our home. Of course, there are other things that need a touch-up. But the year-long plumbing issue has got to go once and for all with a new installation so it been told by contractors. Constantly flushing and snaking is sending the water bill through the roof. Trying to figure out what is best – sigh. So I’m looking for thoughts. So we have been exploring financial options. 1) We have cash-out refinance option. However, home is really dropping now and we are down to 60,000 with a 4% interest rate. Even paying a bit e
  15. Hi All, I’m considering refinancing my husband’s car - 2013 Santa Fe Sport, roughly 69k miles financed with Wells Fargo Dealer Service. Our current monthly payment is $521. Hindsight it was a bone head move but a lesson learned. I recently applied with NFCU, denied straight out the gate due to BK7 DC in Jan 2017, accounts too new and too many recent inquiries. Apped with Affinity Federal CU. They countered offered with a less amount at 11.73 percent interest rate not great. Since hearing great things about DCU I bit the bullet and applied. I received the acknowledgement
  16. I recently purchased a car, and dealer financed with Capital One. I am trying to get it refinanced, but need a lender who uses transunion. My score is significantly higher with them.
  17. Hi All, I’m wondering if it’s worth it/possible to Refi more than once? Ie if there are no fees from a credit union... Here are the details. My current loan is with Penfed 4.9% with a remaining balance of $16,850 (8 months already paid out of 60) I wanted to wait to bring my score up more, but NFCU has that $250 incentive to refi by May 31st. I wanted to wait to bring up my score more but this is an interesting offer. So, say NFCU approves me for something like 3.25% (Not the 1.99 that I ideally want) In theory, Could I take the refi and bonus, then refi 9-12 mo
  18. Hello Everyone, I have not posted here in a while, and wanted to see if you can provide some input. Currently. 3.75% for an FHA 30 fixed with $290 a/month MIP remaining balance about $285k House worth about $350K Refinance estimations 4.125% APR on a conventional, NO MIP Refi Loan either for the balance, or with a $15k cashout will this be worth it? I have not applied yet, but my goal is to remove my MIP, and save those $290 a month on my monthly payment. and wondering is also getting the cashout is a good option.. please advise, thanks..
  19. Ok here goes I got a divorce 2010 and in the divorce papers ex got the house. I also signed a QC the day divorce was final. She was to refinance with in a year. She has not refinanced as of yet and I want to buy a house. She has kept up with payments but here is what she is coming at me with. Says there is a second mortgage of $3700.00 and HUD will not refinance for her until this is paid and she is asking me for half of that. I am thinking I am 100% in the clear because of the divorce papers saying she gets the house plus the Quick Claim Deed that I signed. Can I even buy a house with
  20. I'm looking to refinance my mortgage soon and I have a few things I'm looking to clean up between now and then. As of the last few weeks one of the last blemishes on my reports dropped off. All that is left are 2 satisfied judgments, when I bought my house in July '12 they were verified with the courts as being satisfied. One of which we had to have them file the paper with the court to report as such, the other was confirmed when my LO requested the doc from the court. Both of these are scheduled to drop off my reports in 2015. Unfortunately both show on EX but EQ and TU only show 1 (ironical
  21. Awhile back, in September of '11, my father co-signed with me (actually, according to the loan terms, I co-signed him) so I could buy a truck. I financed about 10k at 15.99 on an 04 F150 that now has 119,000 miles on it. I've switched jobs in December of '11 to a higher-paying one, and I'd like to try and refi the truck to be entirely in my name. Is there any lender out there that would be willing to refi such an older/high mileage vehicle? If it helps any, the last time I checked KBB it was worth about $8k, I have a little over $7900 left of the principle, and I have made every payment on
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