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80% LTV HELOC

i have okay credit (700) and want to refinance with no or low closing costs. what are my chances? should i wait to refinance until I get my credit score higher by barryburrow82230 from Haleyville, Alabama. Apr 14th 2015 Reply


Your score can be as low as 600 with a VA loan, 620 with FHA, 640 conventional depending if it's a cash out refinance or rate and term refinance. You mentioned HELOC. What is your goal? Contact me anytime at 251 421 6762 for more details. Thanks. Wes

Apr 14th 2015
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Chuck Young (ChuckY)
#18 ranked lender in Alabama - 12 contributions

I would not wait for your score to increase. With a 700 middle score you are able to refinance on very favorable terms. I would need more information from you such as loan purpose? I do both forward and reverse mortgages that would meet your objectives and am State of AL licensed. Please call me at 205-910-5698 for a no obligation review. Slade YoungNMLS#113264

Apr 15th 2015
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

700 is a pretty decent score so I agree with others that you should not wait. Low or no closing costs is definitely an option and usually makes sense for refinance situations.

Apr 15th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

It depends.. HELOC's are Home Equity Line's of Credit.. that is different than a refinance... With HELOC's, the closing costs are always low, but most all HELOC's are a variable rate loan and in most cases, they have a draw period of 10 years where you can access your homes equity, but after the first 10 years, it converts to a 20 year fully amortized mortgage. A refinance transactions is where you take out a new first lien mortgage and pay off your existing liens.. with a refinance mortgage, at 80% LTV, you will not be required to pay a monthly mortgage insurance premium and with a 700 score, you rate will be good.. you could wait till your scores are over 740, but if rates tick up just 1/8th of a point, your potential gain would be out the door.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 15th 2015
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