best time to refinance mortgages..

may i ask what your credit score is? do you know?

if not i suggest you check and see before you even bother entertaining this idea any farther..

i can tell you this,even in good times there is no way in hell you will qualify for a mortgage with a credit score below 680.

unless of course you go back to the last five years then you could have qualified for a ARM with your signature,,huh zoomie?

but those days are gone forever im afraid. ya gotta look at "the way things are,not the way things used to be"..,,,hey aint that a sawyer brown song??

 

comeon, you know im not going to post my credit score! but its alright. i think were going to wait it out. my hub has all of these plans. and i just dont feel like its a good idea.

 

Well my fiance and I are about to put an offer on a home.... if I make up my mind about it.

We found a home for $115,000 and will be putting down 20%. My fiance is the one getting the loan because my credit isn't as impeccable as his.

I know this is a buyers market but my problem is.... I want to wait another year. The housing market isn't going to rebound in a year and if we do buy a house before a certain time period then we get a first time home buyers tax credit...

The home we are interested in needs some help and if we need to we are going to take an equity loan to do so.... if we run out of our money. The mortgage lady we've spoken with said that our monthly payment including taxes and insurance can feasibly be under $700.

It's about how much you want to spend per month. Can you do it? We can spend $700 without hurting and we have the money for any repairs up to $20,000...

So.... yeah. I still don't know what to do either. Good luck to you.


Sidenote- if you buy a home in foreclosure and there is something seriously wrong like termites or something you are at cost for that. If you buy a home from a homeowner and not the bank they are responsible for any damages in the inspection... its very negotiable with homeowners but not a bank.

 

Oh I see how it is. I pour my heart out and you poke a sharp stick at me.

That's exactly how I found myself where I am today. Zero down no qualifying. They were THROWING money at people thinking it was only going to get better. And a big bag of it caught me in the head.

Like I said, fuck em. I've always had a backup plan, I guess the industry screwed itself. It didn't screw me.

 

for what its worth,i urge you to do some research on how far they predict housing prices to fall in your area before you go committing now.

at best housing is going to continue to drop for at least another year. theoretically the house your looking at now for 115 K could be as low as 90K this time next year,or lower depending on the market and what happens economically as a whole between now and then..

i think if a person can afford to wait they should.

thats just my semi educated on the subject 2 cents worth..

 

lol, i knew you could take it..

oh its a travesty what they did,something i fear this nation will never overcome..

 

GL HHB's being a lot nicer about it than me, and I'm sorry. He has other things to rail on I don't.

 

oh im not jumping into anything, you guys are part of my research! cus obviously, i dont know shit about the real estate market. what better way to find out than to ask, right? the economy is so fucked up, im scared to make any move.

 

i took no offense. i wanted the opinions.