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wish us luck in this one

post #1 of 4
Thread Starter 
I went to lendingtree.com and put in my info to re-finance our 1st mortgage & home equity. Lendingtree finds a bunch of different banks who compete for rates, so to speak. Anyways we did find one, that I have in contact with. The credit manger called me up the other night, to tell us that we most likely wont be able to refinance both. One because our debt ratios are so high, and he didnt see an advantage to re-fiancing. Go figure that one?
And, second, since I am a temp, they cannot use my income. We were thru this one before when we bought our house. The good news to that part, is that I am going to become a permanent employee as of December 2nd!
Now, his suggestion is a short-term goal for us: take the home equity, plus ALL of our debts, including credit cards & our 2 consolidation loans, and lump them all together. It equals to be $30,000. UGH! Hubby & I figured after we added all of those together, we pay around $700/month! THe credit manager said, then our debt will be wiped out, and our credit scores will look so much better, then in a year or two, he said to go and refinance both. So, hubby & I talked it over, and we decided the short term goal is a good idea, sinc they can slash our debt by 1/2 to 3/4! So, I called and left him a message to talk with his underwriters & told him that we were still interested.

I just hope it goes thru.
post #2 of 4
Is there any advantage in waiting until Dec 3 after the position becomes permanent?

Either way, good luck! Got our fingers and toes crossed for you!
post #3 of 4
Thread Starter 
I dont know. Here's my other idea, too: after we get approved for this big debt cosolidation w/ the home equity loan, I might go back to lendingtree.com & just put in to refinance our 1st mortgage after December 2nd. I would think we could get a good rate on just the 1st mortgage? I am hoping we can get approved for the one that the guy recommended. I will talk to my supervisor when she comes to me and then ask her if they could write me a letter regarding the refinancing.... She said she'd talk to me before I get hired on....
post #4 of 4
I realy hope this debt consolidation will help you out Tigger! it sounds like it will! It is also great news that you will be hired on permanently at your job!!!! That is wonderful news! **hugs**
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