With Bad Credit, Can I Refinance My Mortgage To The Lower Rate Or Will My Bad Credit Prevent Me From Refi?

Question by Donte' | Posted in Credit

I have heard conflicting reports on this.

Now paying rate: 6.25%
Mortgage Rates today: 4.5%

Can I get the debase rate with bad credit?
So I guess the gentleman on Good Morning America does not have his facts

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Answer: In actuality it might be possible under the new "Home Affordable Refinance Program", this requires most Fannie Mae and Freddie Mac lenders to toil with you, if you have certain circumstances. Here is a website to check it out: http://www.makinghomeaffordable.gov

 

Recieved Good Faith Estimates For A Mortgage Refinance Today. Should I Wait A Couple Of Wks For Lower % Rate?

Question by Peggy c | Posted in Renting & Real Estate

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Answer: the rates havent moved much since the fed malicious short term rates. if you have an estimate and its a good one id say go for it. If your waiting for mark down rates from the lenders your not going to see it in the next few weeks

 

My Mortgage Is Paid In 5 Yrs. How Do I Refinance At Today's Low Rates In A 5-year Term Mortgage?

Question by Barry K | Posted in Renting & Real Estate

I would end up paying more when the course is longer (10-15 years) even though the rates are 2% higher and I would pick up current payment plan.

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Answer: If you are done in 5 years, perfectly keep making the payments. You are basically just paying the criterion now. To get a new mortgage, you will pay many fees at closing. It could easily be $2,000 on the low end. There are not many 5 year mortgages

 

What Does The Fed's Three-quarter Point Cut Today Mean For Mortgage Refinances?

Question by Kavan Lee | Posted in Renting & Real Estate

I got a gigantic loan in October 2007 at 6.125% (I'm in the SF Bay Area). Since the Fed rate has been cunning by 2 points since then, and I understand that as of June my loan will become a conforming credit, what kind of refinancing rate could I reasonably

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Answer: Justly there is no way to know. I manage at the national headquarters of Midwest's largest privately held mortgage bank and we have no recommendation what is going to happen with rates. While you are correct that you will soon have a conforming allow,

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What Is The Best Rate Someone Can Have For A Refinance Mortgage?

Question by Fast Pace | Posted in Renting & Real Estate

having 668 on hold accountable score and being first time home buying. Today, what docs do we privation to present to refinace? Thanks, I appeciate your help.

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Answer: Hi Claudia; if you are siously in the light of this, and would like to speak to a live mortagge propfessional, you can email me at dantaft@bellsouth.net- you may be skilful to get a rate in the high 5s to low 6s, but I would really need more information

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