What home loan interest rate can I expect?
View your credit file based on any of the UK credit reference agencies, or all three at once
LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee!Click here to get a 10% discount.
Currently my FICO is 630, I have history of a bankruptcy 6 years ago, I make 80k a year, my only current debt is a 6k auto loan, oh and those dreaded 21k in student loans. I'm in California and 4 years ago I really wanted to purchase a home before the prices got to out of control but no bank would touch me despite a good career and down payment so my parents who had their home paid off got the loan for me and I've been paying the mortgage. Now 4 years later I'm ready to be an adult and do the right thing and get my home loan in my name even if it means a higher interest rate then the current 4.5%. With the equity I've established (my home is worth 380k and I owe 180k but thinking about borrowing 200k to pay the auto loan and do some home improvements) is it possible for me to get a decent interest rate with my train wreak credit history? Any insight would be appreciated, Kelly
What home loan interest rate can I expect?Why the rush? With a 630 FICO you'll be paying subprime rates which will be substantially higher than the 4.5% you are paying now.
To answer your question, no you will not get a decent rate with a 630 FICO.
Wait until the bankruptcy falls off your credit report and then refinance. In the meantime just keep paying your bills and keeping your credit clean as a whistle. Sounds like you are on the right track, good luck.
BTW: Beware the answer than says in another year your bankruptcy will come off your credit report. Bankruptcies are reported for 10 years. In addition that poster doesn't know anything about the subprime lending market, the interest rates charged are substantially higher than you would get with A credit. Plus with a 4.5% loan currently the original poster would be nuts to go out and refinance with a subprime lender right now.
More Related Questions and Answers ...
The loan information post by website user , we not guarantee correctness.