Posted on: 19th May, 2009 09:25 am
Hello,
I am trying to get out of the variable rate on my HELOC, into a fixed rate to protect myself from future interest rate increases. I am making payments ok now, I'm current and no late history, but the $300/mo could turn into $700 easily given rate hikes that seem possible, then I would be in trouble.
I have a $215k 1st @ 5.8%, and the variable rate HELOC (from same lender) currently at $122k
The house estimates (using online property estimator--not sure how accurate) at $356k
My score is lackluster 670. My bank denied my online app to refi based on no equity.
Any advise on options greatly appreciated!
I am trying to get out of the variable rate on my HELOC, into a fixed rate to protect myself from future interest rate increases. I am making payments ok now, I'm current and no late history, but the $300/mo could turn into $700 easily given rate hikes that seem possible, then I would be in trouble.
I have a $215k 1st @ 5.8%, and the variable rate HELOC (from same lender) currently at $122k
The house estimates (using online property estimator--not sure how accurate) at $356k
My score is lackluster 670. My bank denied my online app to refi based on no equity.
Any advise on options greatly appreciated!
cash-out refinances have been limited to 85% of the homes current value as of recently. this leaves you in a spot where you're unable to do anything with your current mortgage, unless you have not drawn from your line of credit within the last 12 months. if the line has not been drawn from for some time, we can consider this to be no cash out and you can refinance up to 97.5% of the homes current value. i hope this helps...