cancel
Showing results for 
Search instead for 
Did you mean: 

Is it possible to get a 15yr refinance instead of a 30yr with fnot so good credit?

tag
Anonymous
Not applicable

Is it possible to get a 15yr refinance instead of a 30yr with fnot so good credit?

Ok , here is my situation .I have a 30 yr mortgage at 10.5%. Home is in Tennessee
I am looking to refinance and cash out equity to consolidate all debt and get some cash to finish a home addition. I would like to borrow 135000.
I believe the home apprasial will be between 150,000 to 155,000 dollars.
I have had some credit issues in the past. My ficos are now :maybe a little higher as these are a month old.

exp

650

equifax

653

trans

680

Your revolving accounts [?] $0 Your mortgages [?] $69,104 Your installment loans [?] $41,147 Total number of Accounts [?] 16 Accounts with balances [?] 4 Accounts opened in past year [?] 6 Recent inquiries [?] 4 Collections [?] 0 Public Records [?] 0

Installement loans are 3 auto loans and current balance should be about 500.00 lower now.

Last late payment was 12/2006 on mortgage 30 day late. 5 lates in last 24months all on mortgage.

I had been approved in Sept for 30yr loans, but wanted to get my ficos a litttle higher, and would really like a 15yr mortgage.

This loan would be the only debt i would have. My gross income is 55,000 yr. My wifes is 30,000.

Any advice would be greatly appreciated.

 
Message 1 of 2
1 REPLY 1
Junejer
Moderator Emeritus

Re: Is it possible to get a 15yr refinance instead of a 30yr with fnot so good credit?

The options of either a 15 or 30 yr mortgage is D/I driven. If you qualify for the loan from that standpoint, you should not have a problem getting the loan.






Starting Score: 469
Current Score: 849
Goal Score: 850

Take the myFICO Fitness Challenge
Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.