Mortgage rate?
My credit score is between 660 and 687. I need to refinace my current rate 7.35 adjustable mortgage. What kind of rate will I get.my current lender says I only qualify for a 8.75 rate because I had a bankraupcy in 1997 and I had two collections in 2003 due to my husbands illness and inability to work. He has since started to get Social Security and Retirement benefits.I pay all my bills on time and pay more then the minimum on all of them including on my mortgage.I can't see why items from 3 yrs ago should still affect my credit since I have been making sure I pay everything beforeit is due and do not use more them 1/3 of my credit available. by carusobonnie from El Paso, Texas. Jul 13th 2011
Tom Winberry (wtom17@gmail.com)
#61 ranked lender in Arizona - 16 contributions
carusobonnie... Your 1997 bankruptcy should not be a factor in underwriting and should be showing up on your credit report. Generally, bankruptcies drop off of your credit report after ten years. As for the collections, they are from eight years ago and I am surprised they are still on your credit report. Underwriters generally look at what you have done for the past two years on your credit report. Your credit scores are okay. I think you need to contact a new lender. Based on what you have mentioned in your question, 8.75% is awfully high.
Martin Farris, CFP (Martin)
#34 ranked lender in Texas - 16 contributions
None of the items you mention should even be on your credit report anymore, they are too old. The rate depends on a lot of factors that you don't mention, but 5% would probably be too high. If you are in TX, contact me and I will try to be of more assistance.
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