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Vent on ecomony!!!!!!
I'm sorry but I need to vent about this whole stupid goverment and economy and the way things are.....I hate that the people that work their butts off and do everything right get no breaks and get screwed in the end.
FI and I were in the final process of refinancing and they call and tell us it can't go through.....the reason was b/c my credit score was 2pts...that's right two points below what they wanted. We both have GREAT credit score but b/c they want over 720 now it wasn't good enough and they said they think we are a risk!!! We have a mortgage with them already at a higher rate, and refinancing would be for the same amount and the payment would be less....it doesn't make sense, how can you tell me that we are a risk at affording our home when we are paying more then that now and doing fine!!!!
It's like you have to mess up and not make payment to actually get any benefits......how come the people that don't work, are lazy and have 10 kids get all the help from the government with food, health care, and housing but those who do everything right can't get a break anywhere !!!!!
I'm so fed up right now and aggravated b/c it doesn't even make sense.....don't tell me that you think we won't be able to afford our new mortgage payment of 200 less......Both of our credit scores are great and we have never once missed a payment or been late on ANY payment in our credit history and the only stupid thing that brought my score down was a stupid medical bill from yrs ago that 's still on my report
Ok, I'm done...I just had to get that off my chest!!!
Thanks for listening 
Re: Vent on ecomony!!!!!!
Just about the same thing happened to me with my car loan. Obviously it's not as big as a house payment, but I had a medical bill that wasn't even mine on my credit report. File a dispute with the credit agency. They actually worked pretty quickly and had it taken off within a few weeks.
Are you refinacing with your current lender? I would ask to speak to a supervisor or something and tell them that if they won't do the refi then you'll find another lender that will appreciate on time and reliable customer. That's really ridiculous because 2 pts is really nothing in the grand scheme of things. Especially when your credit is that high to begin with.
I hope things work out!
Ditto Izzy...call and demand to speak to a supervisor. If you're staying with your current lender, they may be more inclined to work with you. When I bought my house, apparantly my score was lower because of a .02 I owed Bloomingdales. I thought I paid off my balance (and was living abroad and not getting bills) so I didn't realize I was 90 days past due on the 2 cents I owed. After speaking with a supervisor (and getting proof from Bloomies), the supervisor was able to over-ride and give me a better rate. IF that doesn't work, I'd shop around and see if anyone will work with you.
I actually got dinged on my credit report for not having balances on my credit cards. We use our cards, but pay them off immediately so as not to pay finance charges. That logic seemed silly to me. Apparantly I would have had a higher score if I kept balances and paid interest.
Good luck.
You are making a big payment to them now. If you refianance with them now they will get less money from you. They gave you a crap excuse. They can however do that. I would look into finding another company to do it through. You won't get denied because you will giving them business. As it goes you would be taking money out of the pocket of your current mortgage company.
Also I think you are a republican. Welcome to the club.
Have you ever disputed the bill? I had a dental office add a bogus charge to my bill, and then send it to a collection agency back in 2005. I disputed it, they have already wiped it from my credit, and my score is quite a bit higher than yours. It is stupid little things like that that they can use to hurt your final score, but you can fight them.
I'm thinking of trying another company, I just hate to go through all of that again! Does anyone know which companies are offering no closing costs? We were paying closing costs through them too.
How old is the medical bill? I work for a company that deals w/ credit reports on a daily basis and I am in charge of our collection accounts.
If it is more than 7 years old it should be removed. Secondly, if you haven't already dispute the medical bill, I'm sure you know that you have a right to a free copy of your credit report, so request it and it will give you the information to dispute. Also call the medical provider and see if there is any way to have it deleted from your credit report.
You aren't going to like this, but because the banking industry went crazy giving anyone a mortgage even people w/ credit scores in the 500s, they are being super conservative about it now. Yes you already have a loan with them, but to the system of calculation it is just a mortgage and unfortunately they have to set a number at which their cutoff is, so that they are not seen as being discrimintory. All that being said, the industry relies too much on the credit score, all the credit score is, is a prediction of the likelihood of you going bankrupt, and this is all based off of a model. The bad thing about the score, is people have become too dependent on it, and not looking at the whole picture, like how well you pay your bills and all. Sorry I know it sucks. Let me know if you have any questions, I"m more than willing to help if I can.
Two Mc Peas In a Pod
Kayla's Grace
THanks for the help...the medical bill is only 3 yrs old so that's why it's still there...I know that they have to be tougher b/c of what they did before and the situation they got into with giving mortgages to anyone.....the thing that drives me nuts is that people not paying their mortgages are able to refinance with no problem b/c it costs the banks more $ if they fourclose but I just want to save $ and they won't.
I called and left a message with the lender telling them I want to speak to a suprivisor and see if there is anything they can do before I go ahead and check with other companies. We'll see what they say
There's a difference between paying your closing costs from the funds of the refinance and no closing costs. Sounds like they were just wrapping them up in your refi. You're going to be hard pressed to find a company who will pay for your closing costs. Closing costs consist of title insurance, appraisal, appliciation fee, recording costs, overnight fees, and underwriting fees. If they can't pick up the bill for most of these (hardly anyone picks up the tab for the title insurance) you're going to be paying for it and it can be roughly 3 percent added to your total mortgage.
I would talk to a supervisor at the mortgage about the denial and verify what costs they are paying for. If you can't get clear information from them ask for a preliminary HUD-1 to see what is being paid for by the mortgage company v. what your paying for out of the refi proceeds.
Also you're going to run across the same problem with other companies if there is a delinquent bill or collection account on your credit report. The mortgage underwriters are extremely stringent about their guidelines after what's happened over the past two years. It may not be fair but it is a reality. If possible, see if they can remove you from the loan and still have your FI qualify for the same amount.
I would definitely contact the medical place and try and get them to remove it. It doesn't hurt to try. And it does definitely suck that the people not paying any of their bills have no problem getting a refinance.
Two Mc Peas In a Pod
Kayla's Grace
We were adding out closing costs into the mortgage refi......the only out of pocket expense was the $200 application fee...we got a discount from the title company b/c it's the same one we used 2 yrs ago so our closing costs were about 2500 then we bought 1/2 a pt for 800. They had it all included b/c we were still under our 80% that could be financed.
I do understand that they have to be tougher on people now,but I'm just so frustrated b/c this has been in the works for 6 weeks and they were giving me every clue that it was going through to the point that we got an email yesterday from the lender that she was sending it to closing this week and that fast it changed....and b/c of a 2 pt difference on my credit report....we tried doing it under my FI's name alone but the only looked at the average of his tax forms for the last 2 yrs and he was in the process of starting his new business so it looks like he made nothing the last two years compared to this year. They said we could try again when he files for this yr but I just have to work up the time to want to do this all again.....It's amazing how much they want from you know, when we bought the house they checked like 3 things and bam we had a house and now they want about 15 different doucments