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.
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!
I just hope it goes thru.
