My home is worth $80k I owe $15k on it. Last year I have bought two other homes, paying $17k, and $27k. I'm in the process of rehabing the those two homes. I also have about $13K in 3.99% credite cards and $8k on my lowes card which I'll be paying 24% interest rate by May. I don't know what the value of the homes will be when completed I figure $50k each. But it will take a while to finish each. My daughter rents the larger home for $400.00 a month and the payment on that home is $350.00. I'm 43 and my wife is 48. For my age my health is in question, so I want to make a nice neat package for my wife should something happen to me. Should I refinance everything on my home? I really need to know what to do next.
2007-02-27 07:00:01 · 1 answers · asked by walker9842 4 in Business & Finance ➔ Renting & Real Estate
Yes you can refinance, but do not tie all your homes into it. Get a refinance loan for the total amount of your debt and what it will cost you to rehab the other 2 houses. You can comparison-shop at the website below
2007-02-27 07:46:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋