Fred Solomon announcing low interest rates, affordable refinance, Obama plan helps
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Interest rates are down at least one full percentage point just in the last week. If you are on an adjustable and you are lucky enough to still have some equity in your home and you can qualify with your tax returns, meaning full documentation, now is the time to take a look to see if we can help you refinance out of that adjustable,” says Fred Solomon, author and co-host of The Solomon Free Money Hour talk radio and co-founder of Solomon Financial since 1990. If you can’t refinance out of …
Help answer the question about low home refinance
Is it possible to refinance my home within 3-5days with a low credit score?I've been dealing with many lenders for the past 30days who gave me empty promises. I understand that my loan is consider somewhat complicated due to the fact that my mid score is appox. 542 & that I had 1X60day late on my mortgage. But why is it so hard trying to find a lender who can do a 85% LTV? I have plenty of equity but yet, I'm having a hard time being approve..is this an impossible loan?
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August 16th, 2009 at 2:26 am
The blunt answer with that score is NO.
PLEASE do not let yourself be taken in by the scum who will solicit you here 99.99% are scams, want money up front, and get you NOTHING!
August 16th, 2009 at 2:56 am
They are refinancing all people. But as rule of thumb, don't refinance unless rate is 5% or less. Many places are offering that rate and lower. Major problem for most people is property being worth amount of new mortgage. My credit union is offering 30 year convential mortgages for 4.625% with 2 points. So the rates are out there. Check with credit unions or go to bankrate.com for bank rates.
August 16th, 2009 at 9:52 am
Bad credit is one of the worst problems to have… however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
August 17th, 2009 at 12:50 am
just move out of baltimore it's cheaper
August 17th, 2009 at 3:12 am
Emma without knowing the following, there is no way any of us can give you a realistic answer:
1. current interest rate
2. prepayment penalites, if any
3. how long ago was the mortgage originated and did you pay points
4. current costs for re-fi: appraisal fee, loan document fee, credit report fee, points etc.
5. balance you are trying to re-fi
You have not given us near the info needed to give you a good answer
August 17th, 2009 at 7:10 pm
Find a mortgage broker who specializes in challenged credit. In the meantime, try to bring your score up to 580 which is usually the cut-off point for getting decent rates when refinancing.
August 18th, 2009 at 12:13 am
I haven't seen any loans with less than 3% down + closing costs in 4 months.
If she is on an ARM, she should have a good rate now, since the prime rate is so low.
All of these refis are costing her 1-2% of the loan by the way. That goes out the window.
August 18th, 2009 at 5:53 pm