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I've been thinking of refiancing my home for paying off some over due bills and repairing. My credit isn't what it was. I want to pay off some of the bills to get them off my credit report and add more value to my home. Can I do it? Will there be more closing cost? I also want to find a lower intrest rate to lower my mortagage. Where do I stand? What do I do.

blue · Posted: Mon Sep 10, 2007 4:20 pm Post subject:

Hi Mimi,

Welcome to Mortgagefit discussion board.

Presently do you have credit problems? How much is your credit score now? Are there too many derogatory marks, like, collections, defaults, listed on your report?

How much the mortgage was for? I mean the loan to value ratio it had, 80% or 90-100%. What is the equity position right now? Has the house appreciated in value from the time mortgage was taken?

Which type of loan you have right now, is it an ARM? How long do you intend to live in this house? Do you have any plans of selling and relocating to some other place within a few years?

Well it might look like too many questions, but you will be asked similar questions at the time you contact any lender for the refinance. These details would be used to figure out if you would be able to qualify for a refinance and whether it would be appropriate to refinance now.

Do let me know of these details so that it gets easier to understand your situation.

Thanks
Blue

ezmortgageloanz · Posted: Mon Sep 10, 2007 5:51 pm Post subject:

As the other poster suggested, there is alot more info needed to properly access your situation and your best course of action.

You mention credit issues, desire to pay off debt and to lower your interest rate on mortgage---all could be feasible with a FHA mortgage.

You could concievably receive up to 97.75% for a rate and term refinance (which could lower your mortgage interest rate) or 85% for a cash out refinance (which could lower your overall monthly debt repayment).

Kindly share more info so I/we can determine what your alternatives will be.

Regards,

Scott Miller

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Mimi,

In this situation, I think you can go for a debt consolidation loan. With this type of loan you will be able to pay down your debts including the overdue bills with a lower interest rate. Thus, it will reduce your monthly payments. This type of loan will also help to improve the current status of your credit. To know more on debt consolidation loan, you may refer to http://www.mortgagefit.com/debt-consolidation.html

ezmortgageloanz · Posted: Tue Sep 11, 2007 11:20 pm Post subject:

Just an edit to my previous message---95% cash out refinance allowed by FHA (I hit the 8 by accident)...

Regards,

Scott Miller

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