I have a credit score of about 560 and I want to refinance my home with a cash-out. I make over $4000 a month?

Question

I just paid off all my bills in collections (THEY WERE ONLY MEDICAL). I just got promoted. And I really want to refinance my home and get a cash-out to pay off some debts for myself and my husband. My credit score dropped to 560 due to some unexpected hardships in the last 6 months. Does anyone know of a good bank or place to start that will work with my credit score? I am in WA State.

Answer 1

check out http://www.reversemortgagepage.com/topic.php?topID=18

Answer 2

Start by finding a mortgage broker that you can trust, or by trying a couple of different ones so that you make sure you are not getting taken for a ride. They will be able to help shop at different lenders for one that will fit your situation. 560 is not a good score, but there are plenty of programs that will allow you to refinance. The more important factor is your equity. If you owe less than 80% of the homes value, you will be able to get a decent rate that will be fixed for a few years. That should be plenty of time to improve the credit scores for a better future loan. If you are willing to work with someone on the phone, I am willing to help. Call for Ron at [phone].
Your e-mail address through Yahoo Answers does not work, so people can't respond to you.

Answer 3

I feel confident that if you have a mortgage history that isn't too bad and that your loan balance is less than 80% of your home's value that I can easily get you a loan with the cash-out that you want.

The important thing, however, is that you look at the long term consequences of your new loan and whether the cash you get is worth the amount that you will have to pay to get it. The future for interest rates and the housing market is uncertain so I recommend taking a long look at what you want to accomplish and thinking this through to the end.

I specialize in helping people with low credit scores get into good programs and helping people with good credit to do loans for free. I charge a flat fee so I have no interest in putting you in a program unless it makes absolute sense for you.

Feel free to email me if you want to talk.

Answer 4

Hi there. I work at a bank, and I know that one of the guidelines we look at is good credit. You might want to opt out. It's to get your name off those lists that offer you credit cards, etc. Here is the website: www.opt-out.cdt.org Once you opt yourself out, wait about a week and it will increase your credit score at least 5-40 points. The higher your credit score, the lower your intrest rates will be! Good Luck! ♥

Answer 5

Indychristine- banks have and are persevering with to tighten their standards. the reason being that the federal government is now monitoring the very own loan technique and the loans. the federal gove is going after people who brought about the sub-top disaster and don't choose any better issues of the financial equipment. i detect it stressful to have faith which you have have faith money owed, employment 25+ years, 2 properties plus the single you reside in and you're nevertheless affirming destructive credit...... according to probability (vast according to probability) the financial enterprise or very own loan enterprise would paintings with you with a min of 20% down....yet once you have those components and are claiming destructive credit...i surely think of there is something incorrect right here. stable success :)

Answer 6

You should try to apply with eloan, they will do the best job with it. Any local bank, will be more fixated on the credit score. They will take your paycheck into account. They have a promotion now, If you use this link http://www.tkqlhce.com/click-2177451-10427742 they will waive the lender fees.