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Wait to Apply?

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Wait to Apply?

My wife and I are going to be refinancing our home very shortly. I have a redeemed repossession from December of 2012 that will fall off in December of this year. Now my report doesn't show any lates or missed payments but only shows "redeemed repossession" in the remarks on EX, EQ, and TU. It shows my mortgage scores at 715, 708, and 696. Would it be beneficial to wait until December when the remarks fall off or will it not make a difference? Thanks everyone.




Message 1 of 6
5 REPLIES 5
Established Contributor

Re: Wait to Apply?

I would see no reason that you should be worried about that account which is nearly 7 years old. On the other hand if it does bother you to have that account reporting, December is not that long to wait.

 

Best wishes to you.

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo and Portfolio Loan Products. Licensed in AL, AZ, CA, FL, GA, IL, IA, IN, KY, LA, MI, MO, NC, NE, NV, NJ, OH, OK, OR, PA, SC, TN, TX, VA and WI.
Message 2 of 6
Frequent Contributor

Re: Wait to Apply?

See if you can request Early Exclusion:
TU 6 months
EX 3 months
EQ 1 month. I would not recommend EE. Data Points shows EQ is not savy in this endeavor.
Message 3 of 6
Valued Contributor

Re: Wait to Apply?


@mmajer4211 wrote:

My wife and I are going to be refinancing our home very shortly. I have a redeemed repossession from December of 2012 that will fall off in December of this year. Now my report doesn't show any lates or missed payments but only shows "redeemed repossession" in the remarks on EX, EQ, and TU. It shows my mortgage scores at 715, 708, and 696. Would it be beneficial to wait until December when the remarks fall off or will it not make a difference? Thanks everyone.


Depending on when the account last reported, it shouldn't matter. Here's what I mean. 

If the account hasn't reported in 2+ years, it probably won't improve your scores when it drops off. Also, because it's so old, it won't matter as far as underwriting is concerned.

This is now the worst week for mortgage rates since the 2016 presidential election so you may want to refi sooner rather than later.

 

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 4 of 6
Contributor

Re: Wait to Apply?


@VALoanMaster wrote:

@mmajer4211 wrote:

My wife and I are going to be refinancing our home very shortly. I have a redeemed repossession from December of 2012 that will fall off in December of this year. Now my report doesn't show any lates or missed payments but only shows "redeemed repossession" in the remarks on EX, EQ, and TU. It shows my mortgage scores at 715, 708, and 696. Would it be beneficial to wait until December when the remarks fall off or will it not make a difference? Thanks everyone.


Depending on when the account last reported, it shouldn't matter. Here's what I mean. 

If the account hasn't reported in 2+ years, it probably won't improve your scores when it drops off. Also, because it's so old, it won't matter as far as underwriting is concerned.

This is now the worst week for mortgage rates since the 2016 presidential election so you may want to refi sooner rather than later.

 


Thanks for the response. We actually submitted the applicaton on Wednesday night and locked in on Thursday morning. Glad to hear I did the right thing.




Message 5 of 6
Contributor

Re: Wait to Apply?


@VALoanMaster wrote:

@mmajer4211 wrote:

My wife and I are going to be refinancing our home very shortly. I have a redeemed repossession from December of 2012 that will fall off in December of this year. Now my report doesn't show any lates or missed payments but only shows "redeemed repossession" in the remarks on EX, EQ, and TU. It shows my mortgage scores at 715, 708, and 696. Would it be beneficial to wait until December when the remarks fall off or will it not make a difference? Thanks everyone.


Depending on when the account last reported, it shouldn't matter. Here's what I mean. 

If the account hasn't reported in 2+ years, it probably won't improve your scores when it drops off. Also, because it's so old, it won't matter as far as underwriting is concerned.

This is now the worst week for mortgage rates since the 2016 presidential election so you may want to refi sooner rather than later.

 


@VALoanMaster,

 

Any tips on spending while in this process? For instance, I took over the money management from my wife this month because the way she was doing it wasn't working. She wasn't forecasting properly and spending in the wrong place. How important is the running balance in our checking account? The credit card we use for bills/spending has a balance on it that I want to pay off but I would be cutting us down pretty tight for the next month but I'm not sure how that impacts the approval process.

 

Thanks.




Message 6 of 6
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