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refinance

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dr2hill Joined: 23 Oct 2008 Posts: 1 1.69 Dollars($)	Posted: Thu Oct 23, 2008 7:08 am    Post subject: refinance Like 0 Dislike 0 our home loan is due in november and we need to refinace. we owe 37000.00 and the home is worth about 200000.00. we dont have a second mortage but we do have about 55000.00 of revolving credit. we would like to consolidate. our low credit score is 663 and high score is 725. will our high balance on credit cards get us refused to refinace mortgage our exsisting loan and will we be ok getting money to pay off cards
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Thu Oct 23, 2008 8:55 pm    Post subject: Like 0 Dislike 0 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
brian1 Community Expert Joined: 14 Jun 2008 Posts: 448 Location: Northern California 15.61 Dollars($)	Posted: Sat Oct 25, 2008 5:05 pm    Post subject: Like 0 Dislike 0 Hi Dr2hill You can easily roll the debt inbto a new mortgage You may want to consider shorter temrs than a 30 to keep from starting all over. The loan to value will be low enough that you should have an easy time doing this. Dont worry about the debt if you intend to pay it off as part of the loan. It will no longer count against you and just the new mortgage will. Good Luck Brian _________________ Licensed Broker 50 states http://www.aimwithfocus.com Live Chat available Need quick advise email or PM Glad to help Pre-approvals www.applyonlinesecure.com
tim1 Joined: 25 Oct 2008 Posts: 5 Location: Rockville, MD 2.84 Dollars($)	Posted: Sun Oct 26, 2008 8:57 am    Post subject: Hello Dr2Hill Like 0 Dislike 0 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! _________________ Tim Marose VP Residential Lending Nationwide Mortgage Services www.tmmortgagegroup.com
brian1 Community Expert Joined: 14 Jun 2008 Posts: 448 Location: Northern California 15.61 Dollars($)	Posted: Tue Oct 28, 2008 12:27 pm    Post subject: Like 0 Dislike 0 Tim if you look closer he says he owes 37k If that is true he has a ton of equity _________________ Licensed Broker 50 states http://www.aimwithfocus.com Live Chat available Need quick advise email or PM Glad to help Pre-approvals www.applyonlinesecure.com
Mortgage_Man_X Guest	Posted: Thu Oct 30, 2008 5:42 am    Post subject: I Can Help With Your Mortgage! Like 0 Dislike 0 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!

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