Refinancing my house?

Question

We have 50,000 equity in our home and about 30,000 in debt taht we need to get out of. We have poor credit scores now and we need help on finding a place that will refinance us. we got a thing in the mail saying that my usband was preapproved for 200,000 but we dont need that much. Do you think its an answer to our prayer or just a gimick../?

Answer 1

gimick-- but youdid not state what your  scores are. There may be some help get with a local mortgage broker for help

I am a mortgage broker in TN & KY

Answer 2

Mommy,

It matters what that 50k is loaned to you at.

I own a debt/credit consultation business and we also help in the loan department.

If youd like give me an email at [e-mail]

I am more then happy to answer questions and give a little knowledge when needed

Aaron

Answer 3

Just call a mortgager broker to shop for the best rates. Never responed to those preapproved adds because they'll rob you blind. Perhaps you can also speak with where your fist mortgage is now.

Answer 4

Don't fall for that propoganda...they're trying to rope your husband into thinking his prayers have been answered.

I'm not sure just how bad you/husband credit really is. It depends on a number of factors, is the interest rate on your mortgage right now fairly good? The debt you have, what kind is it, credit card debt, student loans. ....what are the rates like? If you need to refinance soon and your credit is less than sterling you're going to get hit with higher interest rates too.

Stay away from mailing and email spam, they prey on desparate people. Go see your banker/broker and see what can be done about your loan(s). You may need to sell your house and start fresh.