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What is the lowest rate I can get to refinance?

I HAVE a house that we bought 2 years ago , owner financed. We have never been late on our payments. Our credit scores are in the low 700's and we don't have any debt but the mortgage. The catch is we have a 2 yr old deed in liu on our credit report. Can we refinance and at what rate? by bmkand_354_209 from Monroe, Maine. Sep 30th 2011 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,620 contributions

FHA and Conventional both have guidelines that state 3 year waiting period... There is a provision for extenuating circumstances, however lender overlays will most likely not accept any circumstance... one year to go and you can refinance with FHA... WilliamAcres.com

Sep 30th 2011
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Leonard Volodarsky (nyfha@yahoo.com)
#55 ranked lender in New York - 14 contributions

I strongly suggest you make sure your mortgage payments are in the verifiable form, i.e. canceled checks.Most likely your seller/mortgagor is NOT reporting them to credit bureaus and since you indicated not having any other debt, make sure you have traditional credit established and in good standing.That will help getting approved for refi, when 3 years is up.All the best

Sep 30th 2011
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Joe Metzler (JoeMetzler)
#19 ranked lender in Minnesota - 3,876 contributions

Generally speaking, you must wait three years. There are some exceptions to the rule, but don't expect they are rare. . . For everyone, no lender is able to tell you a rate without a full review of your personal situation. There are at least 21 main criteria that go into determining a clients interest rate. I suggest contacting a licensed loan officer for a professional review. . . DID YOU KNOW that 80% of Loan Officers do NOT have a license?

Oct 3rd 2011
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