Question About Refi In Illinois
Hi, I plan to do a cash out refi on a rental property--property value is $265,000, I owe $148,000...am looking for $25,000 to pay off credit card debt--fico is 636 with one late pay in last 12 months--in Dec actually so almost a year ago...broker suggested refi to me at 5.85%--he looked at credit and income before suggesting this to me--now it goes to underwriting---so stressed that I will be denied--please give me some encouraging words...thanks
5.85% on a non owner occupied?? Is it fixed rate?? Hm....?? Trying to be encouraging here, do you know what bank hes using?
it is 30 year fixed--right now we are at a 6%..not sure which bank
Hm.... it sounds just a little fishy to me... Because the rate is an A+ rate, but with a 1X30 in the past 12, that is usually A-... I am a little sketchy on the deal, but if he says he can get it done, more power you. GOOD LUCK THOUGH!
How long ago was it put into underwriting[ Edited by commercialking on Date 11/04/2004 ]
Thanks for your reply--it has not gone into underwriting yet...still getting the paperwork together..just talked to my broker..he assured me again he does not forsee any problems...only they may want to close on it nexxt month as then it will be a year since last late pay
How much are you trying to refi. All of it or like 80%. I would like to know who he's going through especially if its 100% non-owner occupied at 6%.
Next month?? Wow, usually it takes less time to close on a refi! I just closed one in 14 days... hm...?? Oh well good luck with it!
8-)