bfletcher1 Posted October 26, 2004 Report Share Posted October 26, 2004 We owe about 50,000 @ 8.75% on 1st mortgate and 14,000 on 2nd mtg (i think this might be a HELOC @ 5.0% . My husband and I would like to refinance and take about 30,000 in cash for home improvents. Our house is worth 220,000. My credit score is 612 I dont have any chargeoffs but alot of late payments the worst being the 1st mortgate with 33 30 days late, mostly from several years ago. We are now working to improve this, and I know that if we got a lower interest rate our payments would be around the same. My husband score is probably alot worse. I am not sure if I should try and dispute this lates, but I think they are all valid. Do you think that maybe we should wait to try and bring the score up a bit. I have a few other credit cards with small credit limits , they are not maxed but close to it.Please advise on what we should do. Link to comment Share on other sites More sharing options...
amortgageman Posted October 26, 2004 Report Share Posted October 26, 2004 If you have been clear of mortgage lates for the past twelve months, then they will have little effect on a new mortgage, as long as there have not been 90 or 120 day lates in the past two or three years (depending on lender). There are also a few lenders that will ignore the mortgage lates as well, even if they have occurred within the past twelve months.The type of loan and whose credit will be dominant will depend on who earns the most income. There are ways around this as well, as long as everything falls together the right way.A good mortgage broker should be able to make this all happen for you. Link to comment Share on other sites More sharing options...
firstsource Posted October 27, 2004 Report Share Posted October 27, 2004 You will be able to get a good rate, since a good part of the interest rate is based on the amount of the value of your home you are borrowing, called LTV. Charles Link to comment Share on other sites More sharing options...
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