Posted on: 23rd Oct, 2008 07:08 am
our home loan is due in november and we need to refinace. we owe 37000.00 and the home is worth about 200000.00. we dont have a second mortage but we do have about 55000.00 of revolving credit. we would like to consolidate. our low credit score is 663 and high score is 725. will our high balance on credit cards get us refused to refinace mortgage our exsisting loan and will we be ok getting money to pay off cards
hi dr2hill!
welcome to forums!
i think the high revolving credit will affect your chances for refinancing the mortgage. it will be better if you could pay off certain amount of revolving credit. a debt consolidation loan can help you to reduce your balance on credit cards. you can consolidate these debts into a single home equity loan or home equity line of credit. i think this can help you.
feel free to ask if you have further queries.
sussane
welcome to forums!
i think the high revolving credit will affect your chances for refinancing the mortgage. it will be better if you could pay off certain amount of revolving credit. a debt consolidation loan can help you to reduce your balance on credit cards. you can consolidate these debts into a single home equity loan or home equity line of credit. i think this can help you.
feel free to ask if you have further queries.
sussane
Hi Dr2hill
You can easily roll the debt inbto a new mortgage You may want to consider shorter temrs than a 30 to keep from starting all over. The loan to value will be low enough that you should have an easy time doing this. Dont worry about the debt if you intend to pay it off as part of the loan. It will no longer count against you and just the new mortgage will.
Good Luck
Brian
You can easily roll the debt inbto a new mortgage You may want to consider shorter temrs than a 30 to keep from starting all over. The loan to value will be low enough that you should have an easy time doing this. Dont worry about the debt if you intend to pay it off as part of the loan. It will no longer count against you and just the new mortgage will.
Good Luck
Brian
Unless you accidentally put in the numbers backwards, it looks as if you are upside down on your mortgage? (ie you owe more than it is worth). Obviously that would eliminate the chance of refinancing. However, if the house is worth 370k and you owe 200k, you would have plenty of equity to roll all of your debts into one loan. You could eliminate all of your debts and take out a shorter mortgage term still showing a substantial savings.
Good Luck!
Good Luck!
Tim if you look closer he says he owes 37k
If that is true he has a ton of equity
If that is true he has a ton of equity
I would love to help with your mortgage. Email me, and let's discuss!
tylendel_freeleyne@msn.com
M. Smith
I am on line now!
tylendel_freeleyne@msn.com
M. Smith
I am on line now!