Can I Refinance my Lorain County home?

Real Estate Agent with Howard Hanna - Avon Lake, OH 2006004434

It just may be possible with a poor credit score, although you likely won't qualify for the lowest interest rate available.  The question is can you refinance on terms that make it worth your while?

Before shopping for rates, look into ways you can clean up your credit. One way may be by getting committed to paying your bills on time.  Though this may be hard, making more than the minimum payments on your debt, paying off credit cards, and limiting your spending can improve your credit score in a short period of time (as fast as 30 days).

Visit to obtain a free copy of your credit history and comb it for potential mistakes. You will be surprized what you may fin.  You can report those errors to the credit companies and have them corrected. 

Further, decreasing your debt-to-income ratio will improve your standing among lenders. The total of your monthly mortgage expenses (payments, taxes and insurance) as well as other monthly debt payments, such as credit cards and auto payments, should not exceed 43% of your gross income.

Of course, illustrating a stable income history, having liquid assets that illustrate your ability to make multiple payments on the potential loan, and having established equity in the property also increase the odds of qualifying for an attractive rate.

Remember, 20% down payment is required to avoid private mortgage insurance (PMI). And PMI will probably cost you between $50 and $200 per month, depending on the balance of your loan and your PMI rate.

Taking these steps will maximize your chances of qualifying for a loan at a beneficial rate.

Additionally, an ace-in-the-hole you should certainly explore would be government programs such as the Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP). These free programs are designed to lower the interest rates and monthly payments for individuals whose current mortgage is an excessive burden, and for people who owe more on their mortgage than their home is worth. Mortgage rates have been adjusted to as low as 2.375% through these initiatives.

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Struggling to search for Avon Lake, Avon, North Ridgeville, Sheffield Lake and Sheffield Village Homes?  Need some easier way to do it on the go?  Trulia 
and Zillow are great programs however they are not local.  They are not current to activity at the minute and projections on values of homes are questionable based on global measures and not having local information as a local Realtor would.  So what to do? Add my search engine to your mobile devise or  computer and get direct and current home sales, open houses, know when a home is off the market and sold right away and find similar homes in the area.  The search engine has GPS function that you can activate on your phone  and with that it will give you comparables while you are in the driveway of that dream home.  Now how cool is that?  

Try it.

Stanley Stepak Jr. M.A.


Howard Hanna - Gold, Avon Lake, Ohio


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Homes for sale in Avon Lake area are most sought after because of the superior schools, community activity and recreation, and park like setting this community offers. .If you are planning on buying, selling or relocating in the Avon Lake area, please give me a call as your Avon Lake Realtor.  I would be more than willing to help you with all your Real Estate related needs.


If you are looking for a great real estate agent in the Avon lake area,

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Stanley Stepak

Realtor - Avon Lake, Avon, Bay Village, Westlake,
Looking to sell or buy a home in the Avon Lake area

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