Refinance mortgage

[goodstarr]

What is my mom's chance of refinancing the mortgage on her house with not great credit, as she states. She says she had a "couple" of late credit card payments and a "few" late mortgage payments. She has never had any bankruptcies or foreclosures (as far as I know) but does have a lot of debt that she's looking to get out of. Will someone give her a mortgage with her history, even if it's at a higher rate? What's the best route for her to go?

 

[elgerber]

A few late credit card payments might not sink the deal. The mortgage lates are another story. It certainly can't hurt to try. I am a loan processor and I just ran someone through out automated underwriting system yesterday who had 2 recent mortgage lates and it was approved. I was shocked. I wouldn't be real hopeful with the mortgage lates, but it can't hurt to talk to someone.

Erika

 

[goodstarr]

Erika, thanks for the quick reply. She has the late mortrgage payments earllier this year (she thinks march, april) She wants to know if she will have to pay a higher rate.

 

[elgerber]

Like I said,it' can't hurt to talk to someone. The woman I got approved yesterday, will be at the normal current rate, because she ran through the automated system. If she has to go with a subprime lender, then yes, the rate would be higher.

Hope that helps.

Erika

 

[goodstarr]

Thanks again Erika. I'll pass the news on to my mom.