I want to refinance my home for a debt consolidation new loan. Which are my best options ?

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I have about 40 % positive home equity , no late payments , but I only have been owning the house for a couple months. My house is in California and I have a fair to good credit with too many inquiries in the last 6 months.

  1. Reply
    Expert Mortgage Banker
    August 2, 2011 at 12:29 am

    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.

  2. Reply
    August 2, 2011 at 12:38 am

    Bad Idea. Don’t put the debt on your house. Something happens and you can’t make the payments. The bank takes your house.

  3. Reply
    Laurence S
    August 2, 2011 at 1:20 am

    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.

  4. Reply
    Cape Horn Spirit
    August 2, 2011 at 1:40 am

    try http://credit—card.org/ there’s no need to refinance and % interest are lower than most

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