Question : How do I refinance my home with slightly bad credit?
We have to refinance our home by January or face a balloon payment. Our credit is not the best and we have had some late house payments. We do however have wonderful credit through our credit unoin and have never been late with any loans through them(car and camper payments and a past loan).They do not handle conventional home loans though. Our bad credit is mostly medical debit. Does anyone know of a place that will work with people in our situation? We don't want to lose our home.
- asked by corina79
All Answers:
Answer #1
Yes your credit union but be prepared to pay 10%interest. Late Payments make you a high risk
- answered by Mom
Answer #2
This will depend on how bad, bad is. there areprograms out there to assist you if you qualify.generally speaking, medical debt can be overlookedso you should speak with a licensed loan officerin your state to see if they can assist you.
- answered by GVD
Answer #3
If you cannot get a mortgage through your creditunion or roll over your existing mortgage into anew mortgage with your existing lender, yourchances of getting a refi are abysmal. You needminimum 700/720 credit scores now (760conventional). Your record of late payments onyour current mortgage is a really severe ding, andlikely precludes getting any new mortgage or refi. Get that house on the market immediately and tryto sell it before the balloon payment comesthrough.
- answered by ibu guru
Answer #4
You might have to go with a personal loan from thecredit union and just bite the bullet withinterest.Your other option is the bank you arewith presently, they might refinance you insteadof foreclose.It does not matter who you arescrewing over, not paying your bills results insituations like this. If you dod not get a loanby January your credit will take another hit ofover 200 points.
- answered by Landlord
Answer #5
In today's environment no.
- answered by NaturesDoctor
Answer #6
having slightly bad credit is like being slightlypregnant. You either are or you're not.Yourcredit score tells the FULL story. You can't havegood credit with one lender and bad credit withthe other.The first time I would do is find outwhat the problems are and see if you can fix themasap. If there are judgments, pay them off. Ifyou don't have the money, sell the camper and thecars.
- answered by real estate guy
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