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Drew Yoder

Agent
Specialties:
Buyer's Agent,
Listing Agent

Advice

  • (2 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

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I have 740 credit score. I would like to drop by mortgage rate by 100bps, but was laid off. advice?

Answer

CP77,I agree with Sam on this occasion. If all you are really wanting to do is just get into a lower rate, and you're not yet experiencing financial hardships due to the un-employment; I would hit the streets and get back to work as soon as possible. Loan Mods are good; however you still need to show your lender you are going to be able to repay the note. Not being able to provide any paystubs to your current lender will not help you in your modification endeavors.  You'll be eligible for a refi if there is not too great a lapse of unemployment in between jobs. Regards, Drew Yoder

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Property Values

Response

Best thing to do would be to contact your counties Auditors office and fill out a tax reduction form. A lot of counties are participating due to the decline in values across so much of the country. If you've ordered an appraisal and the value came back much lower than what the Auditor has assessed your property at, I would provide that documentation to the Auditor as well. Savings will not be incredible if the Auditor agrees the value is not there, but the savings annually may help pay for your useless appraisal!!Many ThanksDrew Yoder[content removed by moderator for being self promotional]

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