How can I get a better rate on my mortgage?
In 2009 I lost my job and fell behind on my mortgage, I am still 1 month behind. My credit score is below 600.
Sorry to hear about your job loss and the diffculties you have been experiencing. Certainly, a lower rate on your mortgage could help. However in order to obtain that there are several requirements you will need to meet -
1.. You may look into modifying your mortgage with your existing lender
2. You will likely need to refinance and to do that, you must be gainfully employed. If you are still out of work, lenders will not qualify you without a stable income source.
3. In most cases, you will need to bring your mortgage current in order to qualify for a refinance.
4. Depending on your current rate, it may be difficult to obtain a lower rate with a sub-600 credit score. It would be advisable to bring your score up to a minimum of 660 or higher depending on whether you are seeking a government loan (FHA / VA) or a conventional loan. | 03.16.15 @ 20:03