[rubyruby27]

Does anyone know if I can get refinanced at 6.5 % 30 yr fixed with low credit scores of 600 average, but my equity in the house is 400,000 and I want to refinance either 216,000 or 166,000.

Never late on current mortgage or equity line. Only have a car payment never late.

I have tried to figure out what my FICO would be if I eliminated some bad TL's but I couldn't find a tool to do that. If the bad TL's came off I am assuming my FICO would go up at least 50 points. 3 large bad TL's.

Does your equity have anything to do with getting a lower mortgage rate?

[Hedwig]

I think the answer is "it depends." Go to a good mortgage broker (they handle multiple companies) and ask them. Tell them you are NOT authorizing a pull, but you'll bring them a copy of your report.

I did that on my last refi. The broker said he'd have to pull his own when he actually put in the application. I told him that was fine, but I wanted to see what he thought I could get first.

When he did pull, HE pulled the report and sent it with the application to several companies to get the best deal. They didn't pull their own reports, and I ended up with only one inquiry.

If you belong to a local credit union that does mortgages, talk to them as well. Many of them don't rely solely on scores and may give you the loan.

[rubyruby27]

Thanks, I am hoping with the equity I have I can refinance and get the 6-6.5%. Anyway I can get a lower payment to make up for the rate hike in home owners-went from 1800 to 4400. I raised hell and got it down to 2200, since I have a hip roof.

I figure it will jump again next year if we have a lot of hurricanes.