stoptheinsanity_73 asked:


I’m mad. Checking my FICO score from one of the 3 major credit bureaus, I see a score much lower than I expected. Upon review of the factors that impacted my score most, are 2 new factors I have never seen before. Both center around the idea that my home loan has too little credit available on the loan. Each just says it differently.

My home loan is a refinance. The financed amount does NOT reflect the value of my home. Therefore the “available” credit is technically much higher as you calculate my equity into the picture. In addition, as a refinance, there wasn’t a down payment. I did that on my initial loan many years back. Since they know many homeowners recently refinanced, it’s like they want to help credit lenders charge consumers more to borrow credit. They stack the chips against us. The fact I pay my bills on time and have for many years now and that I have zero negative marks apparently has less weight than my “newly refinanced mortgage”. It’s absurd and unfair.
Credit Bureaus, mandatory auto-insurance, the IRS, multiple overlapping taxes… these represent organizations & legal requirements that are proving time and time again that there are not enough protections in places for the average citizen. Remove the “power” given to them or put in place better consumer protections.
The age of the loan is about 2 years now. Since that time my score has gone up and now back down. I have no recent credit requests, no bad debt, and all payments are ontime. The only thing new is their 2 impact factors that didn;t appear previously 2 years ago when my home loan WAS new.

The different scoring methods sound far more complicated than it seems they should be, How would any consumer ever understand the impact on their credit when the playing field seems to change under their feet. Keep it simple: I pay my bills ontime. I have no bad debt. I agree, base it on available credit, but don’t add new reasons to lower my score conveniently around the time of the mass refinances in the past few years. Something is fishy.

Marcia

mcoopd1 asked:


I worked with many lender and yet I can’t seem to find anyone to approve my loan for 85%LTV…I understand that I may have a difficult loan due to the fact my midscore is: 542..1X60day late; a reprossesion; collections;etc….but I have the equity in my home..and I have a decent income..so what is the problem?
I have been approve for 75-80%LTV, but I desprately need 85%..I want a direct lender to help…who can say YES?

AUSTIN

whiskeyman510 asked:


I am considering a home loan modification to reduce my interest rate (and thus my payment), but I was told by the mortgage company it has a negative affect on one’s credit score, but they couldn’t give me details.

I don’t want to refinance as I probably won’t remain in the house long enough to cover the closing costs.

My interest rate, while fixed, is high (7.5%). My credit score is good (740)

For anyone who has done this or is in the industry; any information is appreciated.
I am not behind at all on my payments, and not likely to be. I just feel 7.5% is way too high in today’s environment and I think I’m paying too much but don’t want the expense of a refi.

SHELDON

dinoflex asked:


My loan officer changed my refinance loan from a conventional to an FHA loan. This has caused all sorts of problems because I am in the middle of remodeling my home and the repairs need to be finished for the FHA loan. Thanks for any help.

ALEXIS

Stephen asked:


I recently refinanced with another company and the original company charged me a $500 fee. It is clearly stated that they can in my contract, but I still question the legality of that.

JAYSON

lazydazy asked:


fdic took over bank/we have 90 days to refinance or they sell our loan with a balloon note due in dec. but they refinanced it every 3 yrs.when due after first year/we have paid on it for 4 yrs, it is an older trailor on a lot/contacted over 7 places including banks,credit unions,fdic,fed.programs/have been early on payment/what is going on?we owe no other bills/always early/fdic said it was best to refinance/can’t find a lender/what happens now?same job for over 16yr. with the state/nothing from ANB bank was reported to credit bureau so have no credit/saved all receipts and canceled checks/ bankruptcy 8yrs ago due to divorce but have paid everything early since/have checking and a little savings and retirement account/no credit cards/how can it be this way/thanks/any real help appreciated
it was appraised with the land for $28,000.00…the land is part of the note/there are so many people having to refinance here that nothing is available since the second largest bank in ar. failed…..no way to save this much before dec. but thanks
sorry, about the slash marks never done this before…I was trying to save space…won’t do this again…banks couldn’t give us other ideas….loan is totally due in dec. but were told they could ask for full amount in 3 months when sold….the bank failed so the fdic took over and will sell assets…loans are assets…thanks

ROLANDO

whiskeyman510 asked:


I am considering a home loan modification to reduce my interest rate (and thus my payment), but I was told by the mortgage company it has a negative affect on one’s credit score, but they couldn’t give me details.

I don’t want to refinance as I probably won’t remain in the house long enough to cover the closing costs.

My interest rate, while fixed, is high (7.5%). My credit score is good (740)

For anyone who has done this or is in the industry; any information is appreciated.

I am not behind at all on my payments, and not likely to be. I just feel 7.5% is way too high in today’s environment and I think I’m paying too much but don’t want the expense of a refi.

I posted this once before and only got 1 answer, so I’d like to get at least a couple of perspectives.

Thanks

EARNEST

mcoopd1 asked:


I’ve been dealing with many lenders for the past 30days who gave me empty promises. I understand that my loan is consider somewhat complicated due to the fact that my mid score is appox. 542 & that I had 1X60day late on my mortgage. But why is it so hard trying to find a lender who can do a 85% LTV? I have plenty of equity but yet, I’m having a hard time being approve..is this an impossible loan?

ABE

Wondering asked:


Yesterday our mortgage lender called to give us details on a possible refinance opportunity. We aren’t sure if we want to do this or not. Would you look at the facts and figures and give us your opinion?
Right now we have a 5.875% 30 year fixed rate loan with a balance of $134,700. Our monthly payment is $1,113.87. This includes insurance and taxes.
We can get a refinance at 5.625% 30 year fixed rate for $161,000. Our monthly payment will be $1,250.
Another option is to take a 15 year fixed rate at 5.25% with a monthly payment of $1,611.
Both of these options will be 90% of our home value and will then incur mortgage insurance until our balance drops below the 90 % value of the home.
We would get a cash out of $34,000 to pay off credit card debts. These credit card debits are at a low 2.99%, 3.99% and 4.99% fixed life of loan rate. We have been paying off about $700 to $1000 a month on this debt. In the last year, we paid off about $12,000, bringing the debt down from $36,000 to $24,000. This is the only debt we have, other than the mortgage.
Here’s the question: Should we continue to pay off the credit card debt and be done with it in about two years? Of course, this is assuming that there are no other emergencies that require us to charge more debt. I am wary of the credit card market being able to change your percentages without much reason. We have co-signed for a car for a family member and she often makes late payments. I understand the credit card mongers can change your contract if you are delinquent on any bill, not just their own bills. That would be bad.
It would be lovely to have only one mortgage bill to pay instead of five credit card bills and one mortgage payment. And not to worry that the terms might change without much warning. Plus it would all be a tax break.
On the other hand, we could be done with that $34,000 credit card debt in two years if all goes well. Then we could double up on our mortgage payment and get that paid off sooner.
What do you think? What would you do if it was your choice? We are going to ask our accountant friend the same questions. Just gathering opinions now. Thanks for taking the time to help us think this one through. We will be anxiously awaiting your answers!

SALVATORE

betsy asked:


My husband and I would like to refinance our home. We’d like to shop around for the best mortgage. The problem is…when you shop around…the different lenders will check your credit score. We were told that your credit score goes down after each check. Can anyone with experience in lending tell us the best way to shop around without getting “dinged” every time we look into refinancing our home?

DONNELL