2006-09-30 07:19:29 · 3 answers · asked by MoneyMan 1 in Business & Finance ➔ Renting & Real Estate
Not likely! With that score, you're going to be faced with an extremely high interest rate along with very high PMI costs. If your credit score was much higher when you got the loan initially it's very likely that a re-fi would RAISE your payments, not lower them.
2006-09-30 09:35:55 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 1⤋
Honestly, unless you want the new creditor to carve you a new "butthole" when you refinance, you should refrain from trying to hide from your current debt spiral.
You have to rehabilitate your 502 to a 620. Then you can refi and have a good chance of a financial turnaround.
You are trying to do 11th hour damage control right now and are only worsening a precarious situation.
For the love of God, please talk to a consumer credit counseling agency before it is too late. Your question is a red flag for disaster. Pay attention to the warning lights.
Good luck.
2006-09-30 18:55:15 · answer #2 · answered by DaMan 5 · 1⤊ 0⤋
502 is considered to be a poor rating, I'm sure someone will let you, But the interest rate will be very very high
2006-09-30 14:27:23 · answer #3 · answered by myothernewname 6 · 0⤊ 0⤋