I'm trying to figure out how to get out of my little "rut" and have been thinking about refinancing my house. The thing that I'm having a problem with is there are so many different compaines out their I wouldn't know where to start. I would go through my bank but they don't have as good of deals you can find elsewhere. I have lived in my house for almost 3 yeaer and the value has gone up about $25,000 since I bought it. I would like to refinance and get an additional $15 or $20 thousand to pay off some credit cards and other loans and also finish up some remodeling that I have started. Only about $10,000 would go to the credit card and loans and the rest for remodeling. If there are any bankers or anyone that knows what to look out for please help me out. I was kind of cruntching some numbers and if I take a loan out for $20,000 more than the loan I have now I would actually save a few hundred dollars a month. If you have any words of advice please let me know, I am suppost to be getting a call from contry wide reality in the morning and I will see how that goes.

Thanks in advance

-Jesse-

 

"DIETECH"or any mortgage lending institution, I ve refinanced once or twice already, I finally did a 15 year on my place the payment went up 200.00 but I shaved 15 years off the mortgage got 11 years left, just remember that when you refi you are starting yer 30 year loan over, hopefully you come in at a lower intrest rate and and save alittle on the house payment, also remember that yer equity is now gone becuase you borrowed it, get rid of the credit cards !!!! [:@] they will suck you dry [:'(] the banks count on you just making the payment so they can keep you paying and paying and paying never getting cought up, wish I had the good guy banking advice for you but I am not a banker, good luck bro

 

What I did was not refinance, but went to my bank and had my house re appraised. when the increased value showed up on the appraisal, i got an equity line of credit from my bank for 25 grand. whit my bank, it has a 10 year term that you can draw on (acts like revolving credit, as you pay it down it becomes available again) and a 15 year payoff term. minmum payments are 1% of the balance (25,000 balance = 250 a month payment). It has worked out great. I have had it for 3 years now and am almost down to half after it was maxed out. Its really nice come Xmas or other occasions where you don't have to worry about the interest rates of credit cards.

 

Only downside to borrowing against your house (equity line of credit or refinancing and taking the equity) is that if you don't pay a credit card bill they just send you nasty letters -- fail to make a house payment and you're out on the street. Not saying that you in particular wouldn't be able to make the payments -- just throwing it out there.

Last time I refi'd I went with ditech -- easiest loan I ever got. 99% was done on line then a nice lady came over and I signed papers and BAM -- lower interest rate for 15 years babeeee! I didn't take out any equity, though. My personal feeling is I'd rather be in the black on my home and, if necessary, in the red on my stuff.

Now if you have decent credit here's a way to get rid of that pesky consumer debt without refinancing your home. Just keep transferring your balance to a new account that gives you a certain amount of time with 0% interest. My wifey and I started off our journey together (more like the Poseiden adventure the first 5 years) up to our eyeballs in debt in order to get our first home. The one thing in our favor was good credit rating so every 6 months or so we'd transfer our entire balance (over $15K back in 1990) to some schmuck company that'd offer us free financing for a year or so. Paying no interest makes the principal go down a lot faster. It truly did require sacrifice though -- we didn't go out to eat 4 times a week and we didn't get to have everything we wanted but we're completely out of debt now and dude it was worth it.

good luck!

 

Thanks for all of the input guys. Right now my wife doesn't have a job and is having troube finding a new one. Also I want to redo my kitchen and add a bathroom and its hard to come up with the money to do these things and still have enough left over to pay the other bills. The value of my house has gone up alot in the past 3 years that I have owned it and it will be worth alot more when I'm done remodeling it. Plus if I can get ride of my credit cards and my other loans that I have it will be great. I don't plan on moving for a while and am happy with my neighbors and my job so living here for a while isn't a problem. I have good credit and a good work history so I don't think it will be a problem getting some money when I refinance. The guy from country wide reality is suppost to give me a call back today so I can talk to him and find out some more. They don't have any lender fees and there are no closing costs. I will check with dietech and see what they have to offer also. Once my wife gets back on her feet it will be smooth sailing again, but for now its getting pretty rough.

-Jesse-