“Making on time Mortgage Payments a Must”
I know we wanted to refinance our FHA mortgage this fall and lower our rate and remove mortgage insurance. Unfortunately it may not be able to happen as we had a late payment on our mortgage and our credit scores took a hit. We had been making the payments online as we had done for the last year and a half. We thought the payment went through, but there wasn’t enough in our account. Stupid mistake for sure.
Can you update our credit and let me know how much damage was done and how much longer we should plan on waiting before we can accomplish our refinance goal.
Sometimes bad things happen to good people, I felt horrible for them, but unfortunately refinancing at this time won’t happen as their credit scores dropped too much for the refinance to happen.
Fortunately their current rate is at 4.25%, not all that bad, but they are paying $190 for mortgage insurance. We will just need to wait a bit longer.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.