Considering Refinancing to Consolidate/home Improvement

Here's the name of the women i used and her company info, i'm not sure exactly where you are located but she traveld to do mine, came to the house and everything. I have never refinanced though it was for my first home loan. I do knwo that she was very helpful and went out of her way to get me financed with much less than perfect credit and little available for a down payment, she even waived most of her fees, she is a broker so there are fees associated with that, in order to make my debt to income ratio what it needed to be to get the loan. anyways the company is community first mortgage ltd. and her name is heather greene the address is 300 west front street suite f findlay, ohio 45840 MB # 2120 and the phone numbers are ###-###-#### or 877-424-2110. and liek i said i have no idea where your located at but she travels to clyde and sandusky to get mine done. good luck.

T.,

I would look into a home equity loan. These are typically low interest, plus you can claim that interest on your taxes just like you do the interest you pay on your mortage. You only pay the interest for the amount of time you have money borrowed instead of paying a higher interest on your entire mortage. Home equity loans can work like a credit card, where you have a max balance of ??$5000?? Borrow as little or as much as you like and only pay interest on what you have borrowed.

Good Luck,

C.

T.,

As a few others have already pointed out, getting a home equity line is probably your best solution. Being that I work with home loans in my profession, I would suggest using Wells Fargo or Countrywide. They are very reputable and least likely to sell your loan to a new carrier. Good Luck!

T.,

The only way a refinance would be good in this case is IF you cut up your credit cards!! We took out a very small 2nd mortgage on our home ($10,000). We agreed that the money would only be spent on the home. So I created a spreadsheet in Excel where we could see where all the money went, how much we had left over, etc. Every PENNY Went BACK INTO THE HOUSE! We added a New Paver Patio with Landscaping and Furniture ($3300), Sprinkler System ($2600), Quartz Countertops in Bathrooms Only ($1600), New Faucets and LIght fixtures for 2 bathrooms ($750.00), New Front Porch Railing ($1,000) and we finished our garage ($750.00) !

You could refinance to help you with your credit card situation but the only way that is going to help is if YOU CUT UP YOUR CREDIT CARDS and don't go back into debt! Most people that do what you are about to do, will not cut up their credit cards because they think they need those for Emergency Funds! Well, save up $1,000 and cut up your credit cards! You won't need them anymore! Have you heard of DaveRamsey.com?? He does a Financial Peace Seminar! He's super awesome! I hope this information helps! Good Luck!

What is you rate now- That is the big question, will it hurt you in the long run?? I know from watching my parents struggle that once you ref- then you do it over and cver agian andy your house is never going to be payed off. You need to really figure that out. What about a home equity- Like a 2nd mortgage??? That way you can pay if off in a few years and help your credit and you rates will be better then your crdit card-

T.,

You may want to keep your current mortgage with its good interest rate, and take out a home equity account with your bank, or the current provider of your loan. We had good luck working with LendingTree.com, too.

Best wishes,
K.

The offers may be legit but I'd think long and hard about doing it! Credit is used by a lot of people today because they don't have enough money to do what they need/want, but that is really not what credit should be for--it should be just to spread the payments out for high dollar purchases like houses, that you couldn't realistically pay cash for. You still have to pay it all back, so if you can't afford it now how are you going to pay it back? Like the other person said, the only way I'd do it is IF you cut up the credit cards and know you can stick to a budget and pay all your bills (more than the minimum because you'll never pay them off that way) without going back into debt. What happens to a lot of people is they refinance, then use the credit cards again and get back up to where they were before PLUS the refinanced debt. So it can be a useful tool but only if you're sure you can change the habits or situation that got you into this situation. I hope this makes sense? I'm not trying to be harsh, I hope it didn't sound that way, I've just seen too many people try to fix a situation that only got worse because there just wasn't enough income or controlled spending in the first place. The credit industry has their own motivations, and it isn't always what's best for the individual...
Blessings,
Lynn

T.- I work for a large lender. you may be better off getting a fixed rate second mortage, depending on how much debt you wish to payoff. if your current rate is low, it may be the best option if you do not want a higher or an adjustable rate. home equity lines typically have adjustable rates. this way you can leave your existing mortage alone and use some of your equity to payoff debt. keep in mind though that you will be most likely extending the term of your debt. try to find a payment you are comfortable with any put money towards the principal on the higher rate loan nay time you can. do not go to a broker. go to a reputable lender and shop around. make sure you get a truth in lending statement so you can compare rates and fees.

I work in the Industry so I know all about it. There is nothing to be afraid of these days. On Jan 1st,2007 the state of OHIO passed a bill 185 that makes it so no brokers can rip off consumers. We are one of the highest forclosure states.\ and they are trying to change that for the sake of all homeowners. Just make sure you can afford the new payment no matter what and my advice would be to stick to a fixed rate so the payment doesnt change into something you cant afford.