stripes7575 asked:
We have a baby on the way and are trying to get out of credit card debt… and I will not be working for a while.. So we have to make it on one income.
Wendy
We have a baby on the way and are trying to get out of credit card debt… and I will not be working for a while.. So we have to make it on one income.
Wendy
Ramon
a refi will probably be cheaper for ongoing interest rates but it depends on what you have in debt, your current interest rates, and closing costs. you should be able to pull 25k out with little trouble. hmscapital.com has some decent offers, but a direct lender can close faster. i just did my home, did some shopping, with similar goals. i’m not in the business.
Barry
You would do well to get with a financial planner as the answer to your question really depends on a number of other factors including:
How long is left on your existing mortgage?
What is the interest rate on your existing mortgage compared to today’s rates?
How is your credit?
What is more important 1) minimizing monthly expenses or 2) minimizing overall cost?
Can you implement a plan without refinancing or getting a second mortgage?
Do you have other assets that would be put to better use by paying off the credit cards?
Carlos
Okay im just going to answer your question without trying to get a loan.
It really depends. You can go up to 95% cash out on an FHA loan, but then you have mortgage insurance. You will want a qualified loan officer to check both the home equity idea, and a total refinance.
Loan officer is going to want you to refinance the entire thing because they make 1000′s instead of hundreds. But it has to be the right option for you. Dont call 1 dont call 2 call 3 or 4 and let them give you options. And tell them that you are calling other loan officers. Keep them honest. Just because they are capable of doing a loan doesnt mean they will give you the best deal or what is right for you.
Sometimes its best to do a first sometimes its best to do a second. But a first is always better for the loan officer.
Karl
Refinancing may be a good way to consolidate debt, but there is another option. Take a Equity Line of Credit. Many mortgage companies offer this. They cost involved are less because the loan is smaller, but taking out a line of credit give you a fixed interest rate on your debt. Also once the equity loan is paid down you can borrower more money without having to go through the loan process again. It will be a line of credit you can use again and again as the new baby grows & brings in upexpected costs. Talk to a local loan officer about a “line of credit equity loan” line of credit is the key word. If you have any question just ask:
William
May be I Can Help You:
Just try:
These are good links for Equity Loan Problem.