mortgage refinance

Anonymous · ‎11-13-2009

Hi.

I have mortgage with BankUnited (Florida)

my rate ate 7.65% which is high, my score is 705.

I did contact lender and asked them about modification or refinance, and they told me that i can not refinance loan (property located outside FL state) and if I will modificate my loan, it will negativelly impact my credit score.

Is it any way I can decrease my interest rate?

thank you.

Lel · ‎11-13-2009

You don't have to refinance with the same lender. You can go to any lender you wish.

Loan modifications do not necessarily lead to a drop in credit score. However, because of specific reporting guidelines from the Consumer Data Industry Association, borrowers who get loan modifications through the US government plan are seeing drops in credit scores.

Anonymous · ‎11-16-2009

@Anonymous wrote:

I did contact lender and asked them about modification or refinance, and they told me that i can not refinance loan (property located outside FL state) and if I will modificate my loan, it will negativelly impact my credit score.

Are you upside down or anything? If their only reason for denial was because of the location, try someone else for refi. Good luck!