Mortgage Question...? Am I considered high risk? What are my chances?

I am trying to refinance my mortage to get a better/fixed rate at 20 yrs and cash out some equity. My Fico that they are using is 651. I have a couple strikes on my credit for late credit card payments and length of credit history, I%26#039;m 26 years old. I have had my mortgage for 6 years with no late payments and I have had a bank loan (on a trailer) for three years with timely payments. The loan would be for 68% of the bank appraised value. The paperwork went to the underwriter today. The bank lady said we could close in one week if everything is kosher. She said everything looks great, the comps are good. First, what are comps? and second, if the loan is for 68% of the bank appraised value. does that mean I have 32% equity in it? third, will I realistically get approved? I%26#039;m new to this whole thing. Any help is greatly appreciated.

Mortgage Question...? Am I considered high risk? What are my chances?commericial loan

Comps is jargon for comparables - when they appraised your house, they compared your house to similar houses in the neighborhood that recently sold to see what they were selling for.

If your loan is 68% Loan to Value - which will be the part the bank will own - that means the other 32% is your equity.

Third, a 651 wouldn%26#039;t send you to B lending with my bank - we have a category you would fit called alt-a. That means, unfortuantely we couldn%26#039;t offer the best rate (resevered for lowest risk), but we could get the loan done for you. We would have present a good story to explain those credit card lates though. Also, we would give extra weight to any payments due to us - like the original mortgage or that trailer loan - which would work in your favor.

Mortgage Question...? Am I considered high risk? What are my chances?

loan

%26quot;comps%26quot; are comparable sales or appraisals for properties like yours. Your math on the equity % is correct.|||Sounds like you have a good chance! If your credit score was a little higher in the 600%26#039;s or even low 700%26#039;s, you would have a better chance at getting a lower interest rate. A Loans is what they call it. You would be classified more as a B Loan. Comps are the houses in your area most %26quot;comparable%26quot; to yours, to determine value of yours. If your home appraises for $100,000, then you could borrow $68,000. Sounds like you%26#039;ll be ready to close in a week! Just remember whatever you do, always keep up your mortgage payments. They%26#039;re forgiving with late credit card payments but never with late mortgage payments, 30 days late or more.|||a 651 is not really that bad of a score.

yes, that means you have 32% equity, which is great for a refinance,

I don%26#039;t see why you would not be approved unless you have a ton of other debts or have no job or something like that.|||It%26#039;s extremely important to understand that with a little time and the right approach getting the absolute best mortgage refinancing is not a huge problem.Companies/businesses that arrange financial products of this nature%26lt;!--usually are very profitable and it%26#039;s a good idea to remember where all the money is generated from. You, the customer are the root of their profits.

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