08-22-2013 06:18 PM
08-22-2013 10:01 PM
If your only late payment in the past 6 years was a 30-day late on this HELOC then you should probably be fine to refinance. Yes a mortgage late payment in the past 12 months does hurt (your score as well as some underwriters won't be very comfortable with it) but it's certainly possible to still get approved for a cash out refinance. Your lender actually said that the late payment will cause your loan to be declined? If so, then I'd check around with some other lenders as not all lenders have that guideline.
08-23-2013 04:03 AM
08-23-2013 04:08 AM
hopefully they don't pull your report again now that the underwriters already have it. I think worst case you would just have to write a letter explaining it. You should be fine.
08-23-2013 09:10 PM
Any time that a new mortgage payment is due during the mortgage process it needs to be verified that it's been paid/hasn't gone 30 days late... or underwriting needs to factor that into the loan approval.
08-24-2013 05:21 AM
08-31-2013 09:32 PM
09-01-2013 10:47 AM
After an extra week, a loan extension and a lot of hard work by my lender, I closed on my refinance! The late payment still hasn't reported. I can't believe I messed up, but at least my house will be paid off in 15 years. THanks everyone.
That's Great I'm so happy it all worked out and thanks for updating us all
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.