I currently have an Option ARM with a 2.2 margin (MTA-based), and right now I am at about 6.4%. The balance is $535,000; the home has been appraised at $680K. I want to refinance right now for 3 reasons: 1) I want to buy out an investor for 67K; 2) I want to get something fixed for even a relatively short time, say a 5/1ARM, considering the rising rates; and 3) I want to pay off all other existing debt (~18K). I need a cash out of at least 111K. My problem I am seeing is my income (96K) and credit score (median of 645) may not be able to swing it. Unfortunately my wife's score (575) is too low to help out, although her income (65K) is pretty good. My score was around 700 when I bought the home in October, 2005, but since then I have opened up several credit card accounts, some of which are pushing the limit. Am I screwed here, and just have to wait for our scores to improve?
2006-07-05
12:09:22
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8 answers
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asked by
Dano_Slokes
1
in
Renting & Real Estate