2007-01-10 18:16:57 · 6 answers · asked by Abby R 1 in Business & Finance ➔ Renting & Real Estate
That's easy,
The 0x30 would mean you have zero 30 day late's on a loan payment. The 2 x 30 would mean you have 2 30 day late's etc. You may also see 1 x 60 or 1x90 etc for sixty day late and 90 day late's. They use 30 for the number of days in a month. 3 x 1 does not mean anything.
30 day late's on your credit report in the last 12 months history will cause you to have to get a non conforming loan. Conforming loans are FHA, VA and Conventional Conforming. These are your better interest rate loans with the programs set by the government. When you get to non conforming there will be arms, 2/28, 3/27 mortgages, pre payment penalties and all other kinds of things that don't benefit you.
It would take days to explain all the loan terms.
Hope this helps you a little.
Michael
2007-01-10 18:32:51 · answer #1 · answered by Bestbank Real Estate 3 · 0⤊ 0⤋
0X30 = no 30 day lates, 2x30 =2 30 day lates 3X30 = 3 30 day lates are ok to refinance your mortgage,without a penalty
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-01-10 18:24:02 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
0 x 30 = no 30 day "lates" (you didn't pay on time one month)
2 x 30 = 2 30 day "lates" (you didn't pay on time the next month)
lates = late payments
they check this when they read your credit report, the lates are not good, but can be acceptable if you are trying to refinance....as long as they are for any credit line that is not your mortgage....
2007-01-10 18:31:59 · answer #3 · answered by peaceful light 5 · 0⤊ 0⤋
0x30
2017-03-01 12:16:42 · answer #4 · answered by cirino 4 · 0⤊ 0⤋
This is a great question, and one that made me curious for quite a while.
2016-08-23 14:55:30 · answer #5 · answered by Anonymous · 0⤊ 0⤋
This is puzzling to me too
2016-07-28 07:30:24 · answer #6 · answered by Anonymous · 0⤊ 0⤋