Posted on: 27th Apr, 2010 04:39 pm
i would like to refinance and "roll" my credit card debt into the new mortgage. my house appraised at 245k and i owe 157k. i have 20k in credit card debt. what should i do and why type of "refi" loan should i look for. i've been told there are many different options out there....help.
Hi jcarter,
You can go for a cash out refinance as you've equity in your property. This will help you in getting a new loan and you can use the cash out money to pay off your credit card debts. However, getting a refinance will depend upon your financial situation, your credit scores and your debt to income ratio. If you satisfy the required criteria of the lender, then you would be able to get the refinance.
Thanks
You can go for a cash out refinance as you've equity in your property. This will help you in getting a new loan and you can use the cash out money to pay off your credit card debts. However, getting a refinance will depend upon your financial situation, your credit scores and your debt to income ratio. If you satisfy the required criteria of the lender, then you would be able to get the refinance.
Thanks
You may do cash out refinace with conventionbal loans up to 80% of value of the home. FHA can be up to 85% of valu, but, it does not apper you need to go that high.
Your credit score should be at least 720, preferably 740 or higher to get best interest rates. If scores are below 700, compare conventional mortagge top FHA to see what difference in monthly payments.
Fixed rates are low. Do not be concerned with anything else. Decide if 15 or 20 or 25 or 30m year fixed.
Your credit score should be at least 720, preferably 740 or higher to get best interest rates. If scores are below 700, compare conventional mortagge top FHA to see what difference in monthly payments.
Fixed rates are low. Do not be concerned with anything else. Decide if 15 or 20 or 25 or 30m year fixed.
The max you can take out of your home is 85%. Rates tend to really differ with credits scores on conventional loans vs. FHA loans. How long do you plan on living in the home. How fast are you looking to pay off your loan. etc.
