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Home Refinancing Underwriting Questions

Smart Home Equity Answer: Typically, the lower the credit score you have, the more equity you will need for qualifying if your goal is to refinance your existing loans. In other words low credit scores need low loan to values. If you have a credit score in the low 500 range, then you will need to be at 80% loan to value. If you have a 620, you will be able to qualify for a loan up to 100%. 580- 600 credit scores will be able to refinance between 90-100% in most cases.

Smart Home Equity Answer: It depends how late you were. In other words being reported 30 days is not as bad as 60 days late. 90 and 120 day lates are typically frowned upon by most lenders unless they were reported many years ago. Many underwriters will consider a 120 day late just like a foreclosure.

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Home equity loans are subject to lender and underwriter approval. This is not an advertisement for credit as defined by paragraph 226.24 of regulation Z. Disclaimers
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