You are currently browsing comments. If you would like to return to the full story, you can read the full entry here: “I want to refinance my home and combine my mortgage and equity line. ?”.
-
Archives
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
-
Resources
-
Meta
EDMUND
Pay off the HELOC and have that amount available for another time. You won’t have to pay closing costs on it.
MARCUS
Credit card balance is the worst. Pay that off first. Your ability to refi will depend, in part, on your loan-to-market value ratio (how much equity you have in the house).
ARNULFO
A refinance is costly and, if you’re trying to also refinance other debts like your equity line, many people’s homes don’t have enough value to get the loan. Lenders will normally only lend 80% of your home’s current value. For many home owners, their first mortgage alone exceeds that amount because homes have dropped in value.
Your credit card undoubtedly has a higher interest rate so that’s a real good place to concentrate your effort. Get that paid off and you’ll be in much better shape.
ISSAC
I dont see why you would have to pay off the student loan as long as your son can show cancelled checks. That will not be hit against your DTI ratio. Your credit card pay off will raise your score. And maybe you can qualify for a better rate maybe not. Talk to your loan officer or contact another loan officer to see if you can get a better rate to qualify. But you will have to pay off the credfit card.
LEOPOLDO
Another option might be to roll the credit card debt into the new loan. As the new loan is funded the company refinancing the loan(s) pays off the credit card debt which will lower the debt to income ratio. Talk with an experienced and reputable loan officer.