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My credit score is 608. I want to refi to consolidate 4 mortgages. My home is in DC. Comparable houses go for 500k. Principal 325k

by jash206665644 from , California. Sep 29th 2014 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

It's possible, but with a 608 credit score, you will not get very good loan pricing / interest rates.. if the rates on the existing 4 loans are low now, it might be prudent to leave those loans in place rather than refinancing.. My suggestion would be to get with a local mortgage broker and let him look at your credit.. it's very possible he can analyze your report and guide you to the necessary steps to rapidly improve your score.. this can be done in a matter of a few weeks.. once you improve your score, then apply.. 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

Sep 29th 2014
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Dan Paladin (dpaladin)
#1 ranked lender in California - 433 contributions

You will want to review your credit report to see how you can improve your scores...one of the quickest ways is to lower any revolving debt to less than 30% or pay them off (do not close) and your scores will go up immediately. Then of course maintain the low balance or zero if you can. Terms will be much better. Conventional will require a min fico score of 620....I would speak to your local mortgage banker who can advise on how best to proceed.

Sep 29th 2014
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

It is possible for a rate and term, but the loan terms would not be very favorable. Your current situation may end up being better than what you would get. You should have someone look over your credit to see what can be done to help improve your credit score. Taking the extra time to do that now can potentially save you thousands. Best wishes, Sean

Sep 29th 2014
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Depending on your combined interest rate, an FHA loan could still be a good option.

Sep 29th 2014
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