Posted on: 25th Feb, 2009 02:20 pm
i have two morgages and i am now on a fixed income do to disablity is there help in refinancing?...i have 2 morgages and now disabled i'm on a fixed income credit is low one morgage is @ 6.5% and the other is @ 11% most of my income is going twards my mortages can i consolidate and come out with a lower intrest rate or payment my payment are $790 and $110 each month
Of course you can refi. But it will depend on your qualifications. You are at an 11% and your payment is only $110? Sounds like you are in a Neg. Am, meaning your payment amt will greatly increase if you don't get out of it soon. Contact a mortgage broker or any lender on this site and they should be able to help you. What state are you in?
hi esmckillip!
welcome to forums!
i agree with ashley. you may be able to refinance the mortgage but it will depend upon your credit score as well. you have mentioned that your credit is low. i guess you have a conventional mortgage. in that case, the lender will refinance the mortgage if you have a credit score of at least 650-680.
feel free to ask if you have further queries.
sussane
welcome to forums!
i agree with ashley. you may be able to refinance the mortgage but it will depend upon your credit score as well. you have mentioned that your credit is low. i guess you have a conventional mortgage. in that case, the lender will refinance the mortgage if you have a credit score of at least 650-680.
feel free to ask if you have further queries.
sussane
I agree with ashleyblanton you could apply for loan consolidation.
ashley, it wasn't specified, but i surmise that the two mortgages are a first and a second. if that's the case, i'm not terribly surprised to see a rate of 11% for the second and as small a payment as $110. it's undoubtedly a small loan.
yes, indeed, poster...go back to your primary lender and seek a refinance. if they have fha products, you can take advantage of that and your credit score won't make that much difference (maybe). if they're not willing to help out, you can check with the second mortgage lender to see if that helps.
and, of course, you can check with any of us, or anyone else for that matter. it is definitely in your interest to pursue a refinance.
yes, indeed, poster...go back to your primary lender and seek a refinance. if they have fha products, you can take advantage of that and your credit score won't make that much difference (maybe). if they're not willing to help out, you can check with the second mortgage lender to see if that helps.
and, of course, you can check with any of us, or anyone else for that matter. it is definitely in your interest to pursue a refinance.
