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Old 04-27-2018, 12:53 PM
 
392 posts, read 1,421,327 times
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A refi, 30 year, with a credit score of 650? And of 680? 720?

Thanks.

Last edited by Fields of Green; 04-27-2018 at 01:11 PM..
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Old 04-27-2018, 04:51 PM
 
3,282 posts, read 7,123,220 times
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Property Type?
Single Family Residence?
Condo?
High-rise condo?
Attached townhome?
Co-op?
Owner Occupied?
Second Home?
Investment Property?
What State is it in?
What is the value of the property?
How much do you owe?
Is this a cashout refi?
Conventional?
FHA?
VA?
Texas (a)6?
Are those scores the lower middle-fico among all borrowers?
Will property taxes and homeowners insurance be escrowed into the monthly payment?
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Old 04-27-2018, 06:37 PM
 
392 posts, read 1,421,327 times
Reputation: 291
I screwed up the quoting, but you get the idea... thanks.


Single Family Residence? Yes
Owner Occupied? Yes
Second Home? No
Investment Property? No
What State is it in? WA
What is the value of the property? 320
How much do you owe? 170
Is this a cashout refi? Yes. Non-military. Not exactly sure what FHA is, but don't have it currently.
Are those scores the lower middle-fico among all borrowers? One borrower. Wondering if its worth waiting months to get scores up, then apply, so am curious what a current interest rate is for these scores.
Will property taxes and homeowners insurance be escrowed into the monthly payment? Yes

Last edited by Fields of Green; 04-27-2018 at 07:03 PM..
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Old 04-28-2018, 08:14 AM
 
10,196 posts, read 6,135,141 times
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Find a lender who has a mortgage professional, some banks have glorified tellers doing mortgage stuff and they don't know what they are doing. Ask for a soft credit pull so it doesn't affect your score. Get a quote and ask them the different rate if your score goes up to the numbers you posted.

You may also be able to do this online with larger companies like Lending tree or Quicken.

FHA is a low down payment programs thru banks where you pay mortgage insurance, currently for the life of the loan. You would never want to refinance into it.
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Old 04-30-2018, 12:01 PM
 
3,282 posts, read 7,123,220 times
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Great credit = 4.875%

Lower scores = 5.125% and up.

Half of my pipeline is in the 5%s.
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Old 05-22-2018, 02:57 PM
 
392 posts, read 1,421,327 times
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I've just learned that my job of 18 years is ending in 4 months, so its extra important to get rid of some of these bills. If I apply for a mortgage and they verify employment, will they be told my job is ending?
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Old 05-22-2018, 03:32 PM
 
10,196 posts, read 6,135,141 times
Reputation: 10668
Quote:
Originally Posted by Fields of Green View Post
I've just learned that my job of 18 years is ending in 4 months, so its extra important to get rid of some of these bills. If I apply for a mortgage and they verify employment, will they be told my job is ending?
Yes, they verify employment. Plus if you sign a mortgage knowing your job is ending and they don't catch it and it goes thru it's mortgage fraud and it's a crime. I don't know what an employer is allowed to say, such as just verify you work there or answer if your job is steady for the foreseeable future, but you can't sign any bank papers that say that you expect no change in your employment.
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Old 05-23-2018, 11:56 AM
 
395 posts, read 288,554 times
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Quote:
Originally Posted by LifeIsGood01 View Post
Yes, they verify employment. Plus if you sign a mortgage knowing your job is ending and they don't catch it and it goes thru it's mortgage fraud and it's a crime. I don't know what an employer is allowed to say, such as just verify you work there or answer if your job is steady for the foreseeable future, but you can't sign any bank papers that say that you expect no change in your employment.

I don't remember any questions as to expected change in employment (Texas).
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Old 05-24-2018, 06:02 AM
 
Location: MID ATLANTIC
7,520 posts, read 17,290,091 times
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OP, chances are if you think the home is worth 320K, chances are it's less. 95%, maybe more, of homeowners out there tend to over-estimate their home's value. You have a choice to make and it's hard for any of us to advise vwhat to do, are you married, can you get another job quickly, do you have kids, what's your market?

Without a job, in 4 months, a refi is not happening. There are several ways at different points in the mortgage process for that info to come out. Once you miss several payments after a cashout refi, the lender will do an audit to see who missed what and when. Some track social media for answers, and not just yours. Did a brother, mother, child make a comment about your jobloss prior to your cashout closing? Believe me, not worth it.

It may be worth your while to sell, payoff debts to survive easier. Or, go the BK route, get your debts discharged, but you still risk losing the home if you cannot make payments. Don't become paralyzed with indecision. Look at your options and resources, then make the tough decisions.
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Old 05-30-2018, 06:27 AM
 
12,358 posts, read 8,947,746 times
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Quote:
Originally Posted by Fields of Green View Post
I've just learned that my job of 18 years is ending in 4 months, so its extra important to get rid of some of these bills. If I apply for a mortgage and they verify employment, will they be told my job is ending?
You're asking the wrong question. You should be asking about the prudence of taking on a 6-figure debt when you are about to lose your job.
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