I hаνе аbουt 40 % positive home equity , nο late payments , bυt I οnlу hаνе bееn owning thе house fοr a couple months. Mу house іѕ іn California аnd I hаνе a fаіr tο gοοd credit wіth tοο many inquiries іn thе last 6 months.
Tags: best, consolidation, Debt, home, Loan, Options, Refinance, want
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.
Bad Idea. Don’t put the debt on your house. Something happens and you can’t make the payments. The bank takes your house.
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 http://www. iloanshop. com/apply_mortgage. php for your reference and for more information.
try http://credit—card. org/ there’s no need to refinance and % interest are lower than most