Bank of America BOUGHT our mortgage. There is NOT even a branch ANYWHERE around us!!! My wife became disabled, I lost a 25 year job, our credit went from the 700's to the middle 500's!!! ALL DUE TO THESE 2 THING'S! We need to modify our loan so we can have a lower mortgage payment, if we could do this we could get our credit cleaned up and back to where it use to be. NO ONE will help us to do this! I do not understand why bank or the gov. can not understand this and would be willing to help people in our situation. We have been late on paying 1 time out of 5 years on our mortgage, THAT'S ALL!!! We COULD get our credit back up to where it should be if we could get some help with our mortgage, but they go by the credit score instead of looking at our payments that have been made on our home. If the bank's would look at that instead of medical bill's, and so on, we could get a lower mortgage payment in a hart beat! THEN, we COULD get our credit cleaned up. This just NOT make any sense. We do not know what to do. We cant get our credit cleaned up unless we can get our intrest lowered and cant get our intrest lowered until we get our credit cleaned up!!! THERE HAS TO BE SOME WAY TO GET HELP WITH THIS! IF ANYONE AT ALL MY HAVE ANY ADVISE WE WOULD BE GRATEFUL FOR IT. THANK YOU FOR YOUR TIME.
S.S.
Mary Bakerof OH3:42PM November 14, 2012
wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwoooooooooooooooooooooooooooooooooooooooowwwwwwwwwwwwwwwwwwwwwwwwwwwwwww!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!THIS IS L.A.F!!!!!!!!!!!!!!!!!!!!WHO EVER MADE THIS SITE IS STUPID AS HELL
HATE THIS SITEof MS1:55PM September 24, 2012
720 will not necessarily get you the best mortgage rate. (I'm a lender). It could, if you have a lot of equity in your home. The actual credit score that will get you the best interest rates is 740.
This is how the mortgage rates are tiered based on credit, highest tier score = best mortgage rates.
>740
720-739
700-719
680-699
660-679
640-659 (Lot's of mortgage companies won't go below 640, but some might)
620-639
Jim Smithof IA11:45AM March 03, 2011
I just refinanced using "123 Mortgage Refi" and went from a 5.5/20yr to a 3.25/15yr. Monthly payments went down by about $100 but overall savings over the life of the loan are over $60,000. Definitely worth it in my opinion.
Jason Ramsayof CA1:11AM March 03, 2011
The problem with FICO scores is well known. MyFICO offers credit scores, but these scores do NOT represent algorithms specific lending institutions use to determine their customized version FICO score. A mortgage FICO is not the same as an automobile loan FICO, a personal loan FICO, insurance rates FICO, etc.
You will find ridiculous differences in these scores compared to the MyFICO scoring. My younger brother's bankruptcy discharged 4 years ago. He did not have any judgments, tax liens or short sale mortgages on his credit reports. A local company pulled his score at 725. What lenders are looking for is a big down payment. They realize too many people have poor past credit. Their FICO algorithms have been adjusted accordingly.
Ryanof MN8:37PM March 02, 2011
You contradicted yourself--is 780 the cut-off threshold for best rates, or is it 720?
When I was looking to refi in November, my lender said it was 760, and that it was set by Freddie and Fannie, not the bank.
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Mary Baker of OH 3:42PM November 14, 2012
HATE THIS SITE of MS 1:55PM September 24, 2012
Jim Smith of IA 11:45AM March 03, 2011
Jason Ramsay of CA 1:11AM March 03, 2011
Ryan of MN 8:37PM March 02, 2011
Cathy of VA 5:26PM March 02, 2011