Should I refinance house?

I will try to keep this reasonably short. Due to my daughters illness, my own surgery and personal reasons, I left my job of 23 years, a year ago. I do not regret the choice. I managed to stay on top of the bills using my savings, child support and unemployment my job allowed me. A

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  1. #1
    jori57_00
    Guest

    Default Should I refinance house?

    I will try to keep this reasonably short. Due to my daughters

    illness, my own surgery and personal reasons, I left my job of 23

    years, a year ago. I do not regret the choice. I managed to stay on

    top of the bills using my savings, child support and unemployment my

    job allowed me. A month ago I REALLY lucked out and got a better job

    that pays even more. At this point all my bills are current except my

    mortgage which is one month behind, and I have some smaller medical

    bills being payed off. I am not worried about catching up on it. The

    problem is I want to help my daughter get a car. She was on weekly

    medical treatments that had severe side effects. She is now healthy

    and looking for a job. I have about 8 years left on my mortgage to

    pay off. I am thinking I will refinance for the same period of time

    left and get money out from my equity. Does anyone think I will look

    crazy asking my bank for this when my current mortgage is late? I

    don't want to get another loan for this, as I plan to make extra

    payments on my mortgage principle to pay it off earlier. I also was

    planning to use some of the money for small home improvements. So my

    homes value would benefit too. My daughter needs a car now. We all

    know our credit takes a long time to clean up. So any advice would

    truly be appreciated! Would I be laughed out of my bank?








  2. #2
    dash
    Guest

    Default Should I refinance house?


    <FONT face="RomanaTLig" color="#800000" size="5">Don't worry about being laughed at. Go to your bank and just be honest with them. One time we were behind and they called US and we refinanced and got a lowered house payment so we could afford to pay. You really need to talk to them, and also I think it depends if they sold your mortgage or not....but there are things that can be done....find out. They might even have ideas that you never thought of... Good luck. dash
    <BLOCKQUOTE style="BORDER-LEFT: #800000 2px solid;">

    I will try to keep this reasonably short. Due to my daughters
    illness, my own surgery and personal reasons, I left my job of 23
    years, a year ago. I do not regret the choice. I managed to stay on
    top of the bills using my savings, child support and unemployment my
    job allowed me. A month ago I REALLY lucked out and got a better job
    that pays even more. At this point all my bills are current except my
    mortgage which is one month behind, and I have some smaller medical
    bills being payed off. I am not worried about catching up on it. The
    problem is I want to help my daughter get a car. She was on weekly
    medical treatments that had severe side effects. She is now healthy
    and looking for a job. I have about 8 years left on my mortgage to
    pay off. I am thinking I will refinance for the same period of time
    left and get money out from my equity. Does anyone think I will look
    crazy asking my bank for this when my current mortgage is late? I
    don't want to get another loan for this, as I plan to make extra
    payments on my mortgage principle to pay it off earlier. I also was
    planning to use some of the money for small home improvements. So my
    homes value would benefit too. My daughter needs a car now. We all
    know our credit takes a long time to clean up. So any advice would
    truly be appreciated! Would I be laughed out of my bank?





  3. #3
    snottygirl1
    Guest

    Default Should I refinance house?

    I dont think you will be laughed out of the bank but since your credit

    is not perfect will get a higher inerest rate which will mean a bigger

    monthly payment.

    I would bring your mortgage current asap and payoff any medical bills

    prior to applying or at least just bring the mortgage current and see

    if you can use the cash out funds to payoff the medical bills(some

    finance companies may even require to do this). Either way do not get

    sucked into an ARM or a interest rate higher than what you currently

    have.



    Best of Luck












  4. #4
    Monique
    Guest

    Default Should I refinance house?

    I'm curious why you're interested in refinancing your home in order to

    buy a car. Generally, someone would simply finance the car. It is

    likely easier, and less expensive, to finance a car than to refinance

    the house. Closing costs are generally several thousand dollars, even

    when rolled over into the new loan. Instead of paying a few thousand

    in closing costs, my suggestion would be to simply finance the car.



    On Sun, Aug 17, 2008 at 10:58 AM, jori57_00 <jori57_00@yahoo.com> wrote:

    > I will try to keep this reasonably short. Due to my daughters

    > illness, my own surgery and personal reasons, I left my job of 23


    > years, a year ago. I do not regret the choice.






  5. #5
    Jori
    Guest

    Default Should I refinance house?

    Thanx for ideas! I did not want to take a second loan on for a car right now. I wanted money to pay off some bills and work on my house too. A car loan would only be based on the value of the car. My daughter has been thru a lot and I want to help her get back to work and a normal life. I refinanced about 7 years ago and switched from a 30 yr to a 15 yr mortgage, and took money out for remodeling. Before leaving my job I had excellent credit. And have still since only ever been late on my mortgage by one payment. I would expect my payment to go up some, but wouldn't the interest rate still be lower than a home equity loan? Or a seperate car loan? Thanx again!





 

 

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