once again i am looking at refinancing. whats the best way to find out who is honest in financing and not ripping you off with a high interest rate., my credit is so so but not bad. i am going through a divorce and have gotten stuck with all major debts. help. what is the best rate for someone half way decent with thier credit?
2006-12-04 10:40:41 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
Try http://www.ditech.com Excellent rates and easy to work with ...even with so so or bad credit.
+++++++++++++++++++++
2006-12-04 10:43:11 · answer #1 · answered by MikeRacer 2 · 0⤊ 0⤋
Loans are run through an automated system for Fannie Mae & Freddie Mac. This system measures the risk of the loan. If the system accepts the loan, then you would qualify for the best rates available. Credit is not the only factor. Risk is based upon credit score, credit profile, employment, income, debt to income ratio, assets, equity, etc.
If the loan does not get accepted, your loan is looked at through individual lender requirements. They look at all of the risk elements. The higher the risk, the higher the rate. Unfortunately, I have seen many people in your situation have to take a step back to get things cleaned up.
I would recommend staying away from the major advertisers that you see. If you have any questions, please feel free to email me at ajohnston@ftmc.net.
2006-12-07 08:18:09 · answer #2 · answered by Mama of Four 4 · 0⤊ 0⤋
You would have to have your credit pulled by a mortgage broker and let him tell you what your rate would be. Your rate is based on your score, debt and payment history. No one can tell you what the best rate is for half way decent credit. What might seem half way decent to you might be looked at differently by lenders.
What I would do if I were you is go to www.AnnualCreditReport.com.- you can pull your credit for free at this site. Pull all three of your credit reports, they will give you your scores also. Don't do this until you are ready to do your refinance, because you need the reports to be very current.Then, you can shop around with a few different brokers until you find the best deal.
Tell the brokers that you don't want them to pull your credit yet and you will send them your copies. You don't want to let them pull your credit until you have chosen the broker that you want to use, because a lot of inquiries can cause your score to drop.
Once you find the broker that you want to use, he will have to pull your credit, but that's ok.
2006-12-04 11:11:10 · answer #3 · answered by kelly h 3 · 1⤊ 0⤋
Are you looking for the best rate, the best program or both. You can receive a low rate with a adjustable rate or a low 30 year fixed rate. Because they are all not the same, your Broker you work for you. You are in control, make it known.
Rondel Underdue
rondel@1stmdloans.com
http://1stmdloans.com
2006-12-04 13:51:02 · answer #4 · answered by ron d 3 · 0⤊ 0⤋
Shop around at major banks, credit unions and other well-known financing companies.
Try bankrate.com-- they have info on common mortgage rates.
Also try something like lending tree-- you could probably get a few rate quotes.
2006-12-04 10:49:04 · answer #5 · answered by dapixelator 6 · 0⤊ 0⤋
find borker, research it out, look for claims by the BBB etc. they will help you out.
2006-12-04 11:20:53 · answer #6 · answered by Anonymous · 1⤊ 0⤋