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Mortgage rate

riseandshine
New Member

Mortgage rate

My scores are 656, 682, 660.  I am looking for a refi on an adj mortgage that adjusts in June.  .
 
I have never been late with a payment to them and I have even paid 200.00 extra amonth on my loan.  When we bought the house we put down 20%.  The orginal cost of the house was 180000.00  and we put 36000 down on it which made the actual mortgage I financed 144000.00.  After 3 years we now owe 131999.00.
 
So far I have been getting some really bad rates like for instance my Mortgage company wanted me to pay 8.375 % for a fixed 30yr mortgage.  That is higher then the next adjustment rate on my adjustable.  What the heck is going on here.  Am I doomed to pay a higher amount or what.
 
I do have 3 collection accounts, all for the same credit card that was listed as a charge off and then sold to a collection agency and then that collection agency sold it to another one.  They are all listed as charge offs and  due to drop off my reports this year But everything else on my reports are up to date and have not been late.   I do have about 18 inquires on my accounts due to searches for a car.
 
Can someone help me with this mortgage thing?
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1 REPLY 1
boheme
New Contributor

Re: Mortgage rate

Assuming your scores are up to date and the value of your home is accurate, you should be able to do better than the rate you are being quoted. Do you think your home is worth about 180K still or are you in an area that is seeing some appreciation?
 
Worst case scenario, you should be sub 8%. Best case scenario, mid to high 6%.
 
Rates depend also on:
  •  Loan Value compared to home value (LTV)
  • Liquid Assets in Reserve
  • Income documentation and employment history

 

 
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