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Answers (8)
None of these answers are addressing the real issue here, which is a low loan amount, a high DTI with adjustments and what could be a non-cost-effective refi. While you may be able to lower your rate with DU refi plus (assuming you qualify) the cost of the refinance could be substantial and the break even time may not be worth the initial cost.
- Joe Harris, "Joe Harris"
- Contributions:48
- Todd Held, "Todd Held"
- Contributions:24
Was the appraisal part of the refi process? Or were you sizing up your options ahead of time? I ask because it has been my experience that if there is no particular reason, appraisers tend to come in low.
I am surprised at that large a reduction in your value as Russian Jack isn't one of the neighborhoods that have seen any real depreciation. Anchorage overall has a pretty solid housing market. I used to live in Russian Jack, so I tend to keep close tabs on it. Of course, I don't know all of the details regarding your transaction, so I'm making assumptions based on my experience of the overall market.
As for the 790 FICO, everyone and their brother should be beating down your door.
I am surprised at that large a reduction in your value as Russian Jack isn't one of the neighborhoods that have seen any real depreciation. Anchorage overall has a pretty solid housing market. I used to live in Russian Jack, so I tend to keep close tabs on it. Of course, I don't know all of the details regarding your transaction, so I'm making assumptions based on my experience of the overall market.
As for the 790 FICO, everyone and their brother should be beating down your door.
- Sean Ogilvie, "California Mortgage"
- Contributions:173
If you don't qualify for the loan modification, have you asked B of A about the Home Affordable Refinance?
Check here to see if you qualify
http://makinghomeaffordable.gov/
Check here to see if you qualify
http://makinghomeaffordable.gov/
- David Vance, "DaveVance"
- Contributions:18
- peter traum, "petertraum"
- Contributions:6
There are several programs available. Just need to check the database for who might own your loan even though the bank services the loan. Feel free to contact me and I'll check for you to point you in the right direction.
- tvisland
- Contributions:1
With a FICO of 790, you should be able to have people return your calls - that's a great score. However, do realize that your 790 - if based upon a subscription-based "watch" service - will most likely magically lower when the lender pulls their super-secret credit report made with the super-duper secret FICO scoring scheme. Even still, if you're over 720, you should be in the sub-6% range on a 30 and sub 5% on a 15. Good Luck!
- disabled site, "disabledsite"
- Contributions:83
There are new FHA programs available that allow borrowers with excellent credit as yourself and ontime with mortgage payments to go up to 125% loan to value. This will allow you to refinance into more affordable mortgage payments
my house was just appraised for what I owe on it. and i want to refi existing rate 7.875 what can i
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