home mortgage refinance [mortgageinsurance-101.blogspot.com]
Question by Julio A: what's the current minumum fico score for doing a stated home mortgage refinance deal? i want to refinance my home,but my broker tells me that the minumum fico score is constantly changing,so,i want to exactly know what is the minumum score to do a stated refinance mortgage deal right now? Best answer for what's the current minumum fico score for doing a stated home mortgage refinance deal?:
Answer by danesgirl74
I would say 680 to get a conventional loan and that is the only kind of loan you can get with stated income. Keep in mind that you will likely be required to put 20% down payment and another 3-5% for closing costs.
Answer by iceman
Its not just fico score, they look at income also. If your income is suffiecent, you fico score can be a little lower, and vice versa. But in general around 650...
Answer by loan_solutions
at my brokerage we can currently do 70% LTV with a minimum of a 680 score. i don't know what that guy was talking about income for, the whole purpose of a stated loan is for people who don't have enough income. if your score is over 700 however we can go higher on the LTV
The group says, "Because home prices are so high in California, saving one percent or more on mortgage refinance could actually save many Californians ... The Homeowners Consumer Center Urges Any Homeowner in ...
Mortgage refinance in UK is considered a great measure to meet out various necessities arising. Moreover, it helps borrower meet financial requirements including of emergency needs coming from some unfortunate event. The option of refinance of mortgage is opted primarily for the reason that it reduces monthly interest rate on the loan which ultimately helps the borrower to payback the loan in most convenient manner.
Besides the low monthly interest rate, a mortgage refinance can be opted for various other reasons and one of them is consolidation of the other debt or debts into one loan and for long term. Additionally, it helps in reduction of interest rates or reduced monthly payment and reduced term for paying back the loan amount. Similarly, mortgage refinance can be used to reduce or alter risk by switching from risky type of loan to safe type of loan e.g.
Most of the time a borrower opts for mortgage finance for various financial reasons e.g. reduce the monthly repayment obligations even at the cost of the penalty that they may remain in debt for years lasting longer. However, home mortgage refinance becomes attractive when interest rates fall - in such a situation the borrower pays reduced interest rate on the loan which subsequently helps him in getting rid of the mortgage loan.
Understandably, borrowers fail to understand that home mortgage refinance does not always make a wise decision and he may feel trapped with various harsh terms and conditions which may endanger his chances of paying back the loan amount in given time duration. Similarly, some serial refinancers take new mortgage loans every time rates drop a quarter point and by doing so they get trapped even more in the situation which is hard to get out from.
Whereas there are advantages of refinancing, the disadvantages too should be studied so that there is a balanced decision for the mortgage. Every time a borrower refinances, he adds more principal to the end of his loan and extends the term of his loan; therefore, in the end he pays more than what he would have paid had he not had asked for refinance. However, borrowers who are looking for home mortgage refinance can opt for it for it asks for low interest rate.
Home mortgage refinance can be adjusted in mid term and the decision can be made by the borrower whether he wants reduced interest rate or higher interest depending upon his paying capability. If he continues low interest rate he will have to pay more money in the end, and if he goes for high interest rate in between he will have to pay reduced amount in the end; therefore, depending upon the financial stability and earning the borrower should decide upon the option available.
With various kinds of mortgage refinance options available, borrowers have plenty of choices. A major mortgage refinance is done in fixed-rate wherein the borrower pays the interest rate fixed at the beginning and lasts as long as the loan exists. However, the fixed rate can be changed in midway when the borrower wishes to pay higher interest rate. Switching out a fixed-rate mortgage to other flexible rate mortgage refinance is another option with borrowers. More home mortgage refinance Topics
