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WILL I BE ABLE TO REFINANCE MY MORTGAGE?
A little over 2 yrs ago my house was in foreclosure. I got the money to pay up full and saved it by about 24 hours. For the last 2+ yrs, I have made the full payment ON TIME every month but my credit is shot.
The mortgage is at 7.75% with plenty of equity in the house. Will I be able to re-fi? If not with my present mort. co., anyone else?
Are Lending Tree, Quicken, etc., legitimate mortgage companies (they advertise a lot). I was in the military in the 60's, could I still qualify for VA?
Any plusses or minuses to either?
A lower interest rate will help me get by on my retirement pay. I'm in Illinois, if that makes a difference. Thanks for any advice.
1 Answer
- STEVEN FLv 71 decade agoFavorite Answer
If your income is sufficient to support the payments, you have at least 20% equity, and you have been current for at least 2 years, you should be able to qualify for a refi. Lending tree and Quicken are legitimate, but they are mortgage BROKERS, not mortgage lenders. That means they don't actually make loans. They SHOP for loan offers.