After losing a business, I have finally gotten to a position financially to refinance, my home value is back up and I have been working to repair my credit. I want to make sure I am in a good position to be approved before taking the leap.
Summary of relevant information:
- Have 60% equity in home
- By August I will have 3 paid judgments and only one remaining CO on my report
- My most recent late payment is 1.5 years ago with lots of lates from 2006
- Current employment for one year +, previous 3 years.
- Newer car loan and three newer credit cards current with really clean history for 1.5 years as of August (just closed a fourth clean, secured card held for one year)
- Have two HP in January 2013 and two from 2012
My questions:
Is applying for a refinance in August ( I expect to have scores in the 660 range by then) reasonable with my past credit problems?
Is staying with WF a wise move or is it worth it to shop it around in my credit situation?
What else am I missing that lenders might be concerned about or look for?
What is a reasonable range of expenses I can expect for a refi?
Starting Score: 523 TU: 3/15/2012