what is the best mortgage in order to refinance ?

Question by im M: what is the best mortgage in order to refinance ?
i have lets bad to ok credit.i tried to do an application with my current mortgage but they told me i couldnt do it because something about percents.and they also told me that if they couldnt get me approved no other mortage could ?? who knows if this is true or not.but i was wondering whats a good mortgage to refinance.my current mortgage is household finance,.

Best answer:

Answer by Reapor-ted!
the percent they were speaking of was either your DTI (debt to income) or your LTV (loan to value) ratio. if either is too high then there’s no point in doing a refi since you really wouldn’t gain any headway from doing it. this coupled with your less than perfect credit is probably why you weren;t approved for the refi. also, were you using a lender or a broker? lenders have very few plans to service you whereas brokers have dozens of different plans to suite you.

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4 Responses to what is the best mortgage in order to refinance ?

  1. kthor says:

    Wrong..Each Bank or Each mortgage Brokers are different. They carry different products for different people. some specialized in bad credit loans and some only good credits.

    maybe what they are saying is, you dont have enought equity to refinance?

  2. robert495713 says:

    I have worked for Household before, and it sounds like it’s either your debt ratio (the amount of your monthly bills divided by your monthly income)…or your loan-to-value ratio (how much you are borrowing compared to how much the house is worth).

    I would need more details to help you more though. Email me if you need more help at robert495713@yahoo.com.

  3. MortgageGuy says:

    Without knowing more about your EXACT situation, it is impossible to advise you on the best mortgage option…

    What you need to realize is that there are hundreds of mortgage options out there… There are also hundreds of mortgage lenders out there as well..

    What is a good mortgage for you, may be a terrible mortgage option for someone else…

    Everyone in america are in different situations financially, credit wise, employment wise, etc…

    In order for ANYONE to tell you what is a smart option for you, you need to have them analyze your situation…

    I am a licensed mortgage banker.. Ive worked with various mortgage companies over the past 13 years…

    I would be more then happy to advise you on the best mortgage option, i just need a LOT more information in order to do so…

    Just know that just becuase one company told you you dont qualify, it does not mean that none out ther ewill wualify you…

    All lenders have different ways in which they lend money… Some specialize in good credit, some specialize in bad creidt.. Some specialize with peple with alot of money, others work with the less fortunante…

    Your best bet is to talk to someone who has access to multiple investors..

    What i mean by that is fo instance, i work wiht Providnetial Bancorp.. We are a mortgage lender that is partnered with a portfolio of incestors that all have varying program options…

    I am licensed to originate loans with each and every lender we use, so no matter what your situation is, we can find the lender that best suits you..

    If you want to know more, feel free to give me a call or shoot me an email at your earliest conveniecnce..

    Good Luck!

    Jason Fry
    Providential Bancorp

  4. bidia says:

    banks dont like people with bad credit but there are companies that do loans but interest may be higher.

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