Repair Credit Scores With Bankruptcy

Repair Credit Scores With Bankruptcy

I'm refinancing to make repairs on my house. Please see details.?

I only have a Credit Score in the 600 range because of a bankruptcy. I've been offered over 20,000 cash back with a interest rate or 6.5% but I've been told that this would be an impossible offer for me because of My Credit. I was also advised that this may be a scam and all these terms will be changed on the paperwork they give me to sign.
My house is worth around 175,000 to 200,000 and I owe only 77,000 on my current mortgage. Is this deal too good to be true or should I take it? This is a large company making the offer.

I don't know who is pulling your leg in this forum, some have excellent info and others are just plain negative. Others seem to be trying to get business from you, as I understand it this is not the forum for getting business.

Call the person who you are doing business with presently. Ask them to provide you with a Good Faith Estimate (GFE) If they give you the run around hang up and tell them thanks. The only response you should have from them is we have issued you one do you want us to interrupt if for you, or we will fax you another, do you need someone to go over it with you.

The GFE will tell you the cost of the title report, escrow or closing, Credit Report and appraisal, any points and fees you are charged by the lender and/or broker. If you are in need of someone to go over this form with you, by all means call the broker you are dealing with.

As you know no one in this world work for free so you will be charged for this loan. The method of payment is what everyone is speaking about on the interest rate. Some brokers don't charge the borrower points or if they do they charge very little. In this case they get a rebate from the lender, so your interest rate will reflect this rebate. Don't get excited as you knew you were not getting a free loan and one way or the other the loan had to be paid for. You also knew that you were the one that was going to have to pay for the loan.

Now the other way is they charge you directly for the loan. This method you will see on the GFE the points you are being charged. You will get less money this way. You should check with your tax advisor as most of the points and fees are tax deductable on your schedule A of your federal income tax. In some instances this might be a better way. Each year you are allowed to deduct these fees and points. When you refinance or sell the property you may take out any remaining fees or points that you have still remaining and deduct them all at once.

Keep in mind that shopping around for a mortgage in most instance will eventually lower Your Credit Score. Each person you go to will want to run your credit report.

Your mortgage broker is probably doing a good job for you. You should not select someone to do a service for you that you have doubts about. If you do about this mortgage broker, simply select someone you trust and move on.

Depending on your current interest rate and if all you want is $20,000 then you might want to inquire about a home equity Line Of Credit (HELOC) This will satisfy you and you will not have to refinance the house and pay off your existing 1st mortgage. You will only have to pay interest on the money you use at the time and you can use as much or as less as you desire.

If your current mortgage interest rate is greater than the 6.5% offerred you might want to consider this loan.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Improve Credit Score

 

---

We hope you liked our selection of Repair Credit Scores With Bankruptcy, here a few more related products that might interest you;

 

---

Other recommended sites for Repair Credit Scores With Bankruptcy

 

---

Repair Credit Scores With Bankruptcy

Tagged with: credit • credit-report • creditrepair • forum, • raise

Filed under: Repair Your Credit

Like this post? Subscribe to my RSS feed and get loads more!