I'm trying to refinance my equity loan (bal $28k) w fico score in the high 500's - always denied! can n e one help? own 2 homes!

Hello - Peoples Mortgage is a mortgage banker in Scottsdale give us a call and we will be able to discuss what we can offer you 602-531-7040.

The unfortunate denials you are receiving is almost certainly a result of your current credit score. In the post financial crisis world, equity loans (any second lien mortgage - loan/line) carry more stringent approval criteria than any other mortgage product in the marketplace. You are going to face either (a) mortgage lending institutions which can generate only minimal revenue while assuming large regulatory liability or (b) local bank or credit union (federal charters) lenders who are closely monitored by the FDIC & OCC. In either case the institution can simply not justify greater than average credit risk while accepting a junior lien as security.Your best (and only option) to obtain approval on a home equity loan (or first mortgage) is to first address your credit score. You want to have a minimum score of 620 for first mortgage transactions and 700 to take a look at an equity product.A good lender will first work with you to improve your credit score and review options including refinancing your current equity loan by combining it with a first mortgage currently in place.Are both homes in Arizona?