HELP! Are there any lenders out there that can help me with a refi with cash out?
Saturday, December 6th, 2008 at 8:29 am
Looking For Cash Day Advance Loan Reports
I need a company that is not a scam.
My credit score is 570-596
I only make 906 a month social security.
I don’t have any other income or co signer.
I owe 99265 and my house vaile a few days ago is 160000
Can anyone help?
I need 20,000 cash out
Filed in: Cash Lenders
December 7th, 2008 at 9:31 pm
You can try to see if anyone will refinance you by going to one of those sites that makes lenders compete for your business. You would have up to 4 lenders contact you if they think they can help you. You can try filling out the contact form here and see if anyone will help you.
December 10th, 2008 at 10:07 am
I’m not a mortgage broker, but I can tell you from my recent experiences doing a re-fi of my own, you’re going to have a hard time. Your credit rating is a little low (650+ is quickly becoming the bare minimum) and your income is pretty low too. If you re-fi’d for about 120k to get your $20k cash out, your monthly payment is going to easily be $650-700/mo - which doesn’t leave you a whole lot for insurance, utilities, food, etc.
Just be VERY careful about choosing a loan. Be sure you understand the terms completely. If you’re doing anything other than a standard 30 year loan, like an ARM, be sure you fully understand what your payments will look like once the loan starts to adjust. Many people fail to realize that not only will their payment increase due to a higher interest rate, but they’re also required to start paying back the principle as well, which can result in the monthly payment skyrocketing out of your financial means.
Raising your credit score, lowering your debts, and getting a job (even part time) to augment your income are all things that will help make you more attractive to lenders but it may take a few months to finally secure a loan.
Good luck.
December 13th, 2008 at 12:46 pm
There are plenty of scammers and shysters who scour these forums looking for people to prey upon.
Please do not respond to them when they email you, don’t give your personal information to total strangers!
Even better, delete this question.
December 16th, 2008 at 1:01 pm
Its unfortunate that you have so much equity and no way to access it. However if you are 62 years old or older you qualify for a reverse mortgage. There is no income requirements as well. Here is the link to the government site that you can read about reverse mortgage’s.