a person who's credit is not that great!!
2007-03-12 06:51:02 · 5 answers · asked by reina l 1 in Business & Finance ➔ Credit
All loans require collateral, capacity and credit. It all depends on all 3 to make a mortgage loan. Loan to value is a big part of it. Too Many things to consider in the equation and not enough info.
I AM A mortgage banker in TN & KY
2007-03-12 07:01:14 · answer #1 · answered by golferwhoworks 7 · 0⤊ 0⤋
When you decide to go for a mortgage refinance loan, you repay the old mortgage and go for a fresh one. This means you actually pay equivalent costs like discount points, settlement costs and other fees just like your old mortgage. The overall cost of a mortgage refinance is based on the rate of interest, number of points, and other expenses like appraisal and attorney's fees required for procuring the loan. Many mortgage lenders promote lowest rates for mortgage refinancing. They can afford this as they charge many points on the loan and the overall cost is approximately 3-6% of the total loan amount. Other lenders charge higher interest rates but do not give any points. This brings down the start-up costs of the home loan refinance, but the payment amount increases.
2007-03-13 02:46:21 · answer #2 · answered by hendy h 2 · 0⤊ 0⤋
What is his score, most mortgage companies take the middle score.
Normally you get all three, one each from the big 3 companies. Anyone can get money no matter what score.
The key is does he have reserve's, (money back if something happens) Also though the worse the score the higher the rate when borrowing.
Tell him to call his current lender first and talk to them.
2007-03-12 06:58:26 · answer #3 · answered by jim_17331 2 · 0⤊ 0⤋
There is no such thing as a FICA score. FICA is the portion of your salary that is withheld for Social Security taxes.
The term you are looking for FICO score. Each lending institution makes it's own decisions based on the FICO. The best way for him to go about this is pick up the telephone and start calling lending institutions (but I would'nt advise calling a loan shark).
2007-03-12 06:56:55 · answer #4 · answered by jim_elkins 5 · 0⤊ 0⤋
Why not repair the credit? Some can fix a lot of things in a month. Check out here:
http://quickcreditrepair.info/
2007-03-12 06:55:57 · answer #5 · answered by Anonymous · 0⤊ 0⤋