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rlhebert0514 · Joined: 14 Sep 2009 Posts: 1 1.36 Dollars($)

Hi
I would like to refinance my mortgage and get cash out to pay down some credit card debt. The problem is with the falling of house values I don't have much equity if I can only have an LTV of 80%. My debt to income ratio is high because of the cards and I think that is hurting me in the approval process. I have never been late on any payments I just want to consolidate my debt. My current rate on my mortgage is only 5.375 so I would like to lower that because I know rates now are currently below 5% for a 15 year mortgage which I am looking for. Any suggestions would be appreciated.

JKennedySLG · Posted: Mon Sep 14, 2009 9:42 am Post subject:

You may cash-ou the equity in your home up to 85% LTV. With that cash you can pay down your debts, which will lower your debt to income ratio and help the approval process.

You will receive a lower rate more than likely, but if this is putting you over the 80% LTV mark you will be hit with Mortgage Insurance which will be added to your new payment. Pending you still qualify for the loan after all the debts are paid and the Mortgage Insurance is factored in, this could be a good loan for you. I hope this helps...

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Guest you said you do not have much equity, that tells me that you have soem equity.

First thigns you can do is try to refiannce the house to a lower interest rate. That may help you to lower your monthly payment. Probably you cna use that extra mony to pay the other debt gradually

After that try to see if you can work or moving the high interest debt to a lower interest cards or loans

One thign you can also do it tackle the lower debt first and then work ont eh rest, that will give you some sense of achieveement as you go thoguht this

In this process you will learn a lot about your self and also about money and debt

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