Posted on: 10th Dec, 2009 12:51 pm
My husband owns his own business and has for 1 1/2 years - he has two loans that equel 19000 in regular debt and we have a 330,000 home now but we have a terrible loan.....arm and interest only right now....just a mess.....he has not had any late payments in two years and his score is 630 - can you suggest anything we maybe able to do to get better loan on our home or if we sell it at what we owe - could he get a mortgage for another home in our situation....any suggestions would be appreciated
assuming that income from his business is sufficient, why not seek a refinance using an fha loan (also, assuming that the value of your home is sufficient)? with a 630 score, that's a good start and it will eliminate the adjustable rate as well as the interest-only portion of your debt.
If a refinance is viable that's probably a good way to go. Costs you nothing to find out and could make all the difference to your situation.
If you can refinance that debt into your mortgage you'll stand to make some good gains in terms of interest savings. really depends on the income and equity levels though.
If you can refinance that debt into your mortgage you'll stand to make some good gains in terms of interest savings. really depends on the income and equity levels though.
