Greetings All....


planning on doing a refi at the end of next month.
Reason for my madness is because I had a 90day late thats on my report for last year Sept. (long story)
I was told that you need 12-months of good payment history or you could get screwed on rates.

My question is whether or not that 90day will still kill me even after the full 12-months of good payment history? My current credit score is 720.


Thanks

 

your credit score is good, and if it was only one 90 day late you should still be fine. More than two and your f'ed.

IMHO I would begin the process now, your credit score and that one late payment are not going to hurt you that bad. As well, mortgage rates are still very low and the market trend analysts are predicting higher rates shortly.

This is where I shop for rates: http://www.bankrate.com/brm/default.asp

 

Your credit score is fine, 90 day late will not matter too much depending on the type of ther refi you are doing. Bankrate is not a very good place to shop because most of the info is bogus. Rates are quoted as one thing and when you try to get that, it's not available. They are worse than dealing with a used car dealer.

 

yeah..the report actually shows 30 July, 60 August 90 sept....I guess thats how it progressed to 90day in sept...does that still reflect the same?

also, the refi I'm doing would be total $250K...value of home is $420K

 

With our guidelines, this becomes a non-issue, you might even qualify for no-doc loan if you are not looking to cash out.

 

Big..

yeah..cash out....at 177K now...want to pull out about 50K...so acutally not even 250K..really like 230K....no doc would be excellent.

 

Big......doh! just noticed u said...'our guidelines'...do you process refi's?

 

I am a mortgage consultant for a very large national lender, yes I originate refis and purchase loans.

If it's a cash-out, it might work that we only need a paystub.

 

awesome man...what kind of rates and fees do you have. I've been looking at ditech.

 

PM Sent

 

VTEC11 clear out your inbox. thanks

 

VTEC11 hasn't posted in this thread.

 

But he PMed me because of it so I did not want to start a new thread just for him. Thought maybe he would see it.