I have an extremely high interest rate on my mortgage & really want to refinance. I am just approaching the one year mark of my mortgage & only have 1 late payment & that is only because I mailed my mortgage check to my auto loan by mistake. I’m not looking for 4% or anything, but I have 11.3% right now & would like to get around 6% or 7%. Any suggestions are appreciated.
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With that credit score, you will need to save up and have at least 20%, or perhaps 30% down payment on the refinance. Also, no excuses are good enough for a late payment. Set up automated payment from your bill-paying services at your bank.
That interest rate is outrageous. How did you ever get into that rate a year ago! Get a second job and save, save, save so you can refi with substantial equity, and with another year of on-time payments. Also, get your other debt paid off to bring your FICO score up.
Good Luck.