What do I need to prepare to refinance into a fixed rate loan?
My current mortgage loan will be resetting to an adjustable this coming Sept. I need to know what steps I need to take to possibly refinance into a fixed rate loan. My credit is not shiny and the score is around 600. I only have about $ 2000 in credit card debt and will pay it off this month. Reason why is credit score is so low is because I had high credit card debts that went to collections but I managed to paid those off in 1999-2001. Someone told me to dispute negative items with the credit beareu. I was told that those negative items are to stay in my credit for up to 7 yrs? The clock is ticking and I’m so stressed out now I don’t know where to start. The lending industries are tightening up their lending standards because of the subprime woes, does that mean I won’t be able to refinance and end up losing my house if i can’t pay the higher payment? My current rate is at 6.35% for $ 289000, what’s my payment gonna be after Sept? I don’t think my payment will double right? Plz HELP!