I want to refinance my home for a debt consolidation new loan. Which are my best options ?

alecreations asked:


I have about 40 % positive home equity , no late payments , but I only have been owning the house for a couple months. My house is in California and I have a fair to good credit with too many inquiries in the last 6 months.

Edgar

Tags: Debt Loan, Home Equity, Late Payments

This entry was posted on Monday, May 25th, 2009 at 3:34 pm and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

4 Responses to “I want to refinance my home for a debt consolidation new loan. Which are my best options ?”

1. Expert Mortgage Banker Says:
   May 26th, 2009 at 12:04 am

   Francis

   It depends on how you have this equity. Did you put 40% of your own money down? If not, because you only have owned the property for a couple of months, the “real” value of your home would be the appraised value or the purchase price whichever is “less” for the first 12 months of ownership.

   In other words, if you purchased your home for $100,000, but it appraised for $140,000. You are correct that you have 40% equity, but the value of your home is only $100,000 for the first 12 months.

2. heybulldog Says:
   May 28th, 2009 at 11:40 am

   Angel

   Bad Idea. Don’t put the debt on your house. Something happens and you can’t make the payments. The bank takes your house.

3. Laurence S Says:
   May 29th, 2009 at 5:26 am

   Clinton

   Yes I think you should go for a mortgage refinancing as that you lower you interest rates and the difference earning due to lower payment can be used to pay off your debts.

   Here is the source of a mortgage refinancing company for your reference and for more information.

4. Cape Horn Spirit Says:
   May 31st, 2009 at 2:30 am

   Allen

   try—card.org/ there’s no need to refinance and % interest are lower than most