Bad Credit? - Repair it here yourself!

There're many reasons you may want help for bad credit. We're here to help you understand what affects credit, what makes credit bad, how and what entities define your credit, guide you through the credit definitions, financial concepts, common misconceptions and provide you with information and tools that will help to solve your credit problems. Get help for bad credit now! To achieve this, we provide you with Free Access to a wealth of credit related content, forms, tools and calculators. We show you how to improve your bad credit step by step, reestablish your ability to borrow monies, how and where obtain loans, credit cards, mortgages and other financing. Repair Credit now!

If the house was listed on MLS, can I refinance?

Sat Oct 21, 2006 08:10PM | By Tony

See more in Mortgage | Permalink | Email | Comments (0)

Normally conventional lenders don't have any issues in such a case, if the house has been off the Multiple Listing Service for at least 6 months. Anything less than 6 months requires some additional work and cost. You would have to write a letter of explanation on what made you change your mind. The interest rate will be higher by about .50%, or you can take a prepayment penalty. The penalty is 1 year hard prepayment penalty. The penalty amount will be quite high to discourage you from selling your house. The way it is calculated varies depending on the bank, but we often see this formula - 6 months worth of interest of 80% of the loan amount. For a $200,000 mortgage at 7.00%, the prepayment penalty amount will be $5,600.

Post a comment

Name:

Email:

URL:

Remember personal info?

Comments:

Please enter the code as seen in the image above to post your comment: