Refinance time

[angelaohio]

2 years post discharge rates drop?

i'm curious about that too. my dates are the same as yours. i hope with good scores if the "2years" makes a big differance in rates. i don't want to look forward to being able to get a good rate and be disapointed.

[angelaohio]

i screwed up. i meant to reply to another thread not start a new one.

[invest1choice]

Right now I have my house witha real estate hoping to sell by May which is our next 6 month raise on our arm . So if we do not sell by may 07 then we will refinance . But I am hoping having that 2 years really helps my rate.

[AfterBkMortgage]

invest1choice: some answers to your questions:

1) Waiting 2 years from your BK opens up more loan programs and lenders that are willing to work with a bankruptcy affected loan. These programs are generally at a better rate than less than 2 years from BK. However, these lenders often scrutinize the rest of your application: tradelines, employment history, reserves, assets, etc.

2) 9% seems a bit high, but probably can't expect anything lower than 8% for a two year ARM. However, that sounds better than your adjustable rate. Since you listed your house on the market, some lenders won't touch a refinance until the listing comes down plus 6 months - but every lender is different.

3) If you plan on renting and want the best rate possible to buy a new home in 2 years, you must raise your scores and DOCUMENT RENT. If you are renting from a private party, friend, or relative, pay with a check from your checking account every month and on time. That way the lender can review your rental history just like he would your mortgage history - more programs and better rates.

At today's rates, if you get your score to a 660, you can get 100% financing 80/20 combo loan 2 yr ARM with a first mortgage at 6.65%. You are only points away from getting your scores up.

Wish you the best!

[invest1choice]

We will be renting from a apartment community so I will take your advice. Thanks for all your help..

[TRISTAN]

Yeah thats great information on refinancing indeed.

Well this adds to my report work specially on mortgage

concerns.

Thanks

[lrprn]

Tristan, you've been warned twice before about posting links in your signature and that it's against forum rules. You also again pulled up an old inactive thread to make a post. Guess you will have to learn the hard way - we won't be hearing from you again...bye bye.