A few Refi quiestions

[Demonico]

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 (ironically they each show the opposite of the other CRA). My first question:

• Should I try to dispute them or should I try to have them vacated via the courts then removed? (from what I understand in UT I can file a motion to vacate but I haven't consulted an attorney yet).

My scores have been ranging in the mid 600's due mostly to high utilization, AAOA and inq.'s. on EX 17 now with 5 from my mortgage gone by end of May, I have 10 from '13 due to an app spree last may and a car I purchased in Aug. 13 on EQ also with 5 dropping off by end of May. TU only shows 2 which were last month and I can B* them if I really need to. I recently, hasn't reported yet, got a huge CLI on my Discover that will drop my utilization there from 90 to 30 and have done some other shuffling to have more of my cards report a $0 balance. The end result should bring my overall utilization near 40% with less of my cards reporting a balance. By the time I do the refi I will have paid more of them down/off so I should be around 20-30% overall then. Side note, long term I'm going to close accounts for cards with high APR's and less than a 2k CL but I'm not closing anything until I have better terms on my mortgage.

 

Pre-refi I am looking to open a card with Navy Fed to BT balances off smaller cards with higher APR's and util but they denied me yesterday (I'm going to appeal but apparently I need to wait for denial letter). I have around 4k I'd like to remove from other cards but 3k would allow me to be sure none of those are over 40% util so I'm hoping to get about a 10-15k limit with Navy. In Aug my 0% intro on my Discover is done so I'm planning to see about opening a card with a 0% BT offer that will give me at least a year to pay that off. My GF and I just got her 0% card paid off today since that intro was up in May and will be working on mine now so I estimate I'll only need to move 1000-1500 over. I realize that yet more new accounts isn't good for FICO but so far it seems to be better than high util and I really don't want to pay interest on the Discover balance if I can help it. I've poured over the Credit Pulls data for the Chase Slate and Citi Diamond cards. I think I can get approved for one of them but I'm not sure and I'll need to wait until about May to be sure all the changes last month and the amounts I'm paying down this month will report.

 

I expect all of that will take until June-July which is ideal for my refi but I'm not sure where rates are going to go. I'd like to wait on my refi because I want to have 24 months of payments on my mortgage and so I don't have to list my old address. I'd like to have nothing to do with that address primarily due to some drama with my old landlord (long story that is tangential to this post). I'm thinking I want to do my refi with Navy Fed. After going through many loan programs offered by several lenders their 5/5 ARM with no PMI sounds really nice since my goal is to drop about $200/mo and it looks like I may be able to keep my current rate for the first 5 years. I'm sitting at owing 192k and the house is worth about 230k so I'm really close on LTV. When I bought the house I had to use a local program that offered 100% financing and the first is FHA so I'm stuck with PMI for at least 5 years (I was fortunate to not get caught with the new PMI rules). So my next question is:

• Can anyone tell me about their experience getting a mortgage through Navy fed?

To make a long post more of a novel... I tried to cover any questions that might come up but my general question is for advice. I'm really trying to restructure my debt while I pay everything down/off and the house is the biggest hurdle that I think I can make a bit lower.

[Demonico]

Did I write too much or does not one person have advice?

[Brian B The Loan Professor]

Your question was pretty specific - my guess is no one has experience with the program has read this -

 

• "Can anyone tell me about their experience getting a mortgage through Navy fed?"

[Brian B The Loan Professor]

Judgments that are satisfied arent going to hurt your chances for a mortgage

they will hurt your score though

I would ask this question in the credit repair section of the forum -you will get a lot more response

 

Try not to have disputes when you apply for a loan - they can be an issue in underwriting

 

B

[Demonico]

Judgments that are satisfied arent going to hurt your chances for a mortgage

they will hurt your score though

I would ask this question in the credit repair section of the forum -you will get a lot more response

 

Try not to have disputes when you apply for a loan - they can be an issue in underwriting

 

B

That is really the only motivation for bothering. My situation is on the edge for most main criteria for a mortgage i.e. LTV, credit score etc. I'm trying to give myself some breathing room. Since I've started following interest rates the last month or so they've seemed to start trending away from where I can get the terms I want and possibly farther from where I need.

[DallasLoanGuy]

do a 'search' for navy fed...... i think they have tightened their guidelines...... but i may be mistaken.

the search button is a great tool.

[Demonico]

I spent a fair amount of time searching CB as well as other information resources.