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New Countrywide Re Fi interest question


DeeT
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When I started this credit repair my scores were in the high 400. My actual FICO are not at 584-TU-592-EQ 629EX. I have been working with the same Countrywide broker.

Today he said we should close the deal on the refi. I am currently at 9.75%. They are offering 7.25 with 2 points. My loan will drop over 200 a month it sounds great to me but I was a sucker before with New Century.

Does this sound good to you experts out there?

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Congrats on getting your score higher! How long did it take?

As far as the rate you were offered it seems alright. I am just going off your credit score and the fact that there is probably NO Prepay penalty since you are in Illinois. There is a lot of info that I don't have (Debt ratio, loan amount, Loan to value %, etc) so I just used my imagination. I priced it on CW's rate sheet and it seemed to be right on target with 2 discount points. Again, I don't have all the facts but it sounds good. I would proceed.

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Hooray My credit is ok I still have 3 paid Charge offs but there is nothing else. My house payment has been on time since November 2005 and I have no other payments. I just opened my first charge card since 1997 and it has a 29.95 balance I know not to gutsy. I want to take baby steps.

My salary is 55000 a year, single and widowed and I need to buy a car. The house is worth about 345,000.00 and my current payment is 1654.00 and I owe 190000.00.

I hate to pay the 2 points but will make it up in the payment difference within a year compared to what I am paying now I hope.

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That gives me a little more to go on, thank you. So your LTV is 55% and your Debt ratio is nil. Now you got my wheels turning! Do you have any assets to speak of? (don't post them) I'm just saying that if you have any assets (401k, IRA, CD's, etc) then you may be eligible for an expanded approval with Countrywide. Your broker may have already run this and 7.25% is what he came up with. It's not an exact science as to what will be accepted and what won't. I am just basing it on the facts you have given me so far and I would say you are a perfect candidate for it. Again, your broker may have already tried this but it couldn't hurt to ask him/her.

How do I know this? I worked for CW for 2 years and I know their guidelines like the back of my hand.

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Hi Dee

Congrats on the credit repair - I'm not licensed in your state. Have you considered looking into FHA loans.

The credit score isn't really looked at - though the paid charge off's, you could provide a written explaination.

What is looked at heavily, is the Debt ratio and Appraisal. You have a good job/salary and alot of equity. It would be easy to get qualified in low 6% range.

Good Luck

My $00.02

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