Question by Dr.Henry: Does anyone know how if it is possible to get refinancing after my credit score was destroyed from fraud.?
The results of the fraud ( perpetrated by a family member) was to file bankruptcy. I recently settled my chapter 13 bankruptcy and avoided foreclosure. Now with a low credit score and no credit cards, medicine cheap I still own my home but wish to refinance to consolidate my first and second mortgages at a lower interest rate. Are there any programs through Fannie Mae or other federal programs?
Best answer:
Answer by frankie77
Usually, health you need to wait 2 years after a bk and you can do FHA. Sometimes, they will approve at 18 months with DOCUMENTED special circumstances.
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Question by mike: Are there any home loans that dont check your credit?
If so, website is the interest rate higher? Because my credit is bad.
I got no down for a house. I heard of 1st time home buyers, more about what are the requirnment for that.
Best answer:
Answer by i_am_the_dark_clown
Yeah, approved check with Vinnie down at the club. No fuss, no muss, unless of course, you cannot repay with 100% interest. then, you get your legs broken.
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Question by axillon: Most accurate Mortgage Rate daily report???
My loan is under FHA 30 yrs mortgage here in Austin TX.. Ive been using Bankrate.com and Freddiemac.com but my Lender insists that those are just average.. For example at Bankrate when the rate says 6.13 for this day, order my lender is saying their rate is 6.25 and would go up to 6.375.. Where could I find more accurate current rate so I could convince my lender her rate is not accurate?? By the way, sildenafil we need to lock in on our rate for our Loan soon .. thanks
Best answer:
Answer by Theanswer
bankrate is good. to me its just sounds that the lender is trying something. even though you showing him/her knowledge of the source
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Sounds like what your lender is doing is a broker. He is buying a product from someone else and re-selling it. Its common and most mortgages are sold that way.
Bankrate is an average. However, if you go through the steps, they will also show you what products lenders are offering and at what rates.
Remember to look at fees/points and such when making your decision though. There is nothing wrong with shopping for a mortgage…
Bankrate does not take into account points paid. I have usually found it to be about an eighth lower than a fair zero point rate and I don’t see anybody beating my rates.
Her rates are whatever her rates are. If she is a broker, she can set whatever rate she wants so that she gets paid “yeild spread premium”. If she works for a bank, she has no control over the bank’s rate being charged. Just remember that if you go elsewhere you may get a lower rate but at a higher cost. You have mentioned rate but not cost. It sounds like you are not aware of what affects your rate here. Are oyu paying points for this rate and if so how many?
First, I don’t use bankrate that much, it’s basically an average, but do you know if they update that average hourly, semi daily, daily. On friday, the 10 year note yield sank a tenth, then shot right back up to near 4%. We had rate sheets flying around, as our FHA lenders and sponsors couldn’t keep up with the changing rates. Second, stop with the rate chasing! Do you realize that with the slight increase, you’ll be able to get more from uncle sam every year since you can deduct it from your taxes. What’s your credit, what’s your LTV, are you cashing out, all of this plays a factor in getting you a rate. if your that worried about rate, why not go a 15 or 20 year. You should be able to get under 6% there? And save anywhere between 20-70k, depending on how it’s structured! Has your broker given you that option, have you thought about using your home as a retirement vehicle or a vehicle to put your kids through college? Do you have a plan at all? Was this part of the conversation when you met or talked with this broker? Why are you going 30 year? Start looking not only at a number, but your future as well, yes, it is possible to customize a mortgage for both. Rates don’t put food on the table, total monthly payments do