Bad Credit Refinance in D.C. (Cap. Hill)

stevemadden01 · Joined: 09 Aug 2005 Posts: 3

Hello,

I have a credit score 575 and I'm seeking a 30yr/fixed loan of 165K on my 400K home. Can someone be brutally honest and tell me the lowest possible rate I can in this scenario? The broker I'm working with now offered me 7%, but when I firmly stated to him that that number is unacceptable, he said he could possibly get me 6.5. Is that a good deal? Should I shop around? Is there any way possible I can get a rate of 6 or lower?

Thanks in advance.

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

Why is your credit score so low? Tell us what happened and when.

stevemadden01 · Joined: 09 Aug 2005 Posts: 3

Hi,

My score's so low because of student loans. I owe 30K on them. I was unemployed for some time, as I was dealing with the passing of my mother, who left me the house, and I simply lost sight of my finances.

So, whaddaya think?

earlybr · Joined: 08 Aug 2005 Posts: 6 Location: TN, All States

I would say that if the broker can get you 6.5% and his fees along with the title company fees are not more than $5,000, then it sounds like it could be a good deal.

Brian in Tennessee

stevemadden01 · Joined: 09 Aug 2005 Posts: 3

earlybr wrote: I would say that if the broker can get you 6.5% and his fees along with the title company fees are not more than $5,000, then it sounds like it could be a good deal.

Brian in Tennessee

Thanks for your response, Brian. That helps me a whole lot.