Equity Loan Information

Is it possible to refinance within 3-5 days with a low credit score?

I've been dealing with many lenders for the past 30days who gave me empty promises. I understand that my loan is consider somewhat complicated due to the fact that my mid score is appox. 542 & that I had 1X60day late on my mortgage. But why is it so hard trying to find a lender who can do a 85% LTV? I have plenty of equity but yet, I'm having a hard time being approve..is this an impossible loan?

Public Comments

1. Although I can't speak from a professional standpoint, I do know that the housing market is declining and many lenders are in over their head from the housing boom. You may want to seek a lower LTV.
2. The loan is not impossible, but you're not going to do it on "a" paper. The lender who eventually takes it on will likely be a hard money type since you won't qualify for conventional terms. The closing costs are going to be brutal. If you need to lower the mortgage payment, try negotiating with your current lender to arrange a longer term. Then, if you need cash out of the equity, try a lender who specializes in "2nd" mortgages. They can loan you money against the equity, at a higher rate of course. The closing costs are still high, but at least you're not paying closing on the full amount of the house, just the money you're looking to borrow against the equity. Generally if you have a pulse and a credit score above 500, someone will do the loan. You may not have found the right lender yet. Keep looking. Good Luck.
3. It takes longer than that to do title and tax lien searches. Just about any lender will take about a month to get all the paperwork together. The fact that you have poor credit shouldn't lengthen the process, but it will increase fees and interest rates substantially.
4. There are obviously issues if many lenders have tried and failed. Pay your bills on time for the next 6 months, and your credit scores will come way up. Then refinance at much better terms.
5. Have you tried eloan? They worked for me, even after 6 local banks said no. They also have a promotion now, If you use this link http://www.tkqlhce.com/click-2177451-10427742 they will waive the lender fees, which can run over 2 grand.
6. No it is not, you just need to go up to a mananger and work a deal.