2ndMortgage HELP! - Posted by Jonathan

Posted by Ed Garcia on January 25, 2002 at 09:41:09:


I’d like you to check out http://www.creditinfocenter.com/

There you will find everything you need to clean up your credit and it’s for FREE.

If that’s not fast enough for you or you want someone else to handle the problem, then I would like to suggest that you e-mail Bruce Lawson who frequently helps people on this site. His e-mail address is rctbl@hotmail.com.

Good luck,

Ed Garcia

2ndMortgage HELP! - Posted by Jonathan

Posted by Jonathan on January 20, 2002 at 09:32:55:

Recently wanted to refinance to consolidate credit card debit and retire a smaller mortgage on a second property.
We live in NYC. We consulted a MTG broker who told us that because of our credit rating (678-679)we may have to settle for a second mtg not a refinance. We received disclosure papers from a funding company with a second for 9.435% for 15 years with a balloon at the end for nearly as much as the loan amount.
Before going any further we would like your opinion on whether this deal is sensilbe or not.

Re: 2ndMortgage HELP! - Posted by Bruce Lawson

Posted by Bruce Lawson on January 20, 2002 at 09:57:33:

Hi Jonathan,

Your credit scores should not disqualify you for a refi 678-679 ia A credit, what is your D/I ratio? I would ask exactly what made their decision you have right to know.

Before settling for that second I would search for another broker, and tell the new broker about the previous deal prior to them pulling your credit report.
I would suggest you go to equifax.com and pay the $12 and get your credit score as well as your credit history, and tell the broker to use that score to make their decision to avoid another inquiry on your credit report. They can pull one after the deal is closed for their records.


Bruce Lawson