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Mortgage Refinancing Help: Credit and Collection
“If your property value reduces and you refinance up to 80% of the reappraised value, your original mortgage amount may be higher than this amount. Thus, the new loan will not be sufficient enough to help you pay down the existing one.
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Mortgage Refinancing Help
: Business: Financial Services
: Credit and Collection (550)
 Lenders like pristine credit reports. If you have a bunch of open credit card accounts that you never use (and who doesn't?), consider closing them. It will boost your credit score and make you a much more attractive borrower to a lender. Then, a month after you've closed your accounts, go over your credit report with a fine-tooth comb. It should read that the accounts were closed at your request. (You don't want lenders to think someone cut you off and that you're a bad credit risk.)
 See also:
 CollectionIndustry.com »
Credit and collection industry's on-line meeting place for employers, employees, small agency buyers and sellers and industry events and news.
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 CreditManagementWorld.com »
Provides necessary resources for credit and collections, centralized in a readily accessible website.
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 Advanced Education Technologies »
Offers a videotape training program titled "The Process of Professional Collections".
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 Collection Training Consultants »
Provides on-site collections training.
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 Credit Guru »
It features articles, links and a discussion forum on credit, collections, financial statement analysis, bankruptcy and other creditor and debtor related legal aspects.
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 CollectionsWorld »
Resource for credit and collections professionals.
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 BANKO »
Supplies bankruptcy information to credit grantors, collectors and attorneys throughout the US.
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 Ask for more than just rates. Bad loan officers will tell you anything to keep you on the phone -- then change the details to suit them later. Instead, make them get real with you! Ask how long they've been in the industry. Probe them about their experience in the industry. Also, ask what their opinion is on the current market and where it's going.
Refinancing may not be that useful if you have already used up 90% or more of your home value in taking out a mortgage or any home equity loan. You won't be able to get the best rates available in the market as when you refinance a 90% LTV loan, you will probably require a loan of that value or higher. This will be quite closer to being a 100% financing option and hence mortgage refinance rates will be comparatively higher. Moreover, 100% loans are hardly available in times of mortgage market crisis.
If you have bad credit, find a lender who is willing to work with you and offer you reasonable loan terms.
Don't fall for the 0% apr unless it fits in with your master plan. A lot of brokers will try to get you locked into a low interest rate that will balloon on you in a couple of years and leave you out on the street.
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