i had bought a house for 95,k and want to refi?

Question

i had bought a house for 95,k and i put no money down so there for i have a high pmi=$220.00 a month with my mortgage an insurance i pay $1,038.98 a month my house was appraised at $120,000 today . i have a hand full of creditors that are goin to sue me and a truck im ready to stop paying on.i got 6.5% on my house fixed.dont forget im giving out $220.00 a month for pmi.wich rounds out at about 9.5% after u ad the pmi every month.my truck is12.5% percent for 2more years at $400.00 a month with close to $989.00 in intrest to pay on i owe $7,000.00 more . fianancial loan officer said they could give me a loan to pay off all my bills and make most of the money i pay monthly on my mortgage tax deductible at $1,146 that $112.00 more a month but i m paying now $1,489.00 with my truck and my pmi thats not tax deductible and the loan is going to cleanmy credit wich is 557 points im askin you does this seem like a good idea

Answer 1

when you refi you pay fees which would be like 5-6k but with a low fico score like that you may have to pay more. If you can consolidate and you're in a financial bind , DO IT! then dont use your credit cards if you're not really good with payments etc. Just realize that if you cant pay your new payment your house can foreclose. be careful...sounds like youre maxxing yourself out in all areas. refi'g if you have a personality of spending what you have available might get you further in debt....you'll have open credit to charge.

Answer 2

Check on what you can get for interest today vs. what you are paying.
I believe there was a law that made PMI tax-deductible starting for 2006. However, only suckers pay PMI to start with. The way to avoid PMI is by getting a mortgage for 80% and then a 2nd mortgage (at a higher intrest rate) for the rest. If you have extra money, you pay down the 2nd mortgage 1st.

If you know you can make the payments once you refinance, it's a good idea to refinance. If you're not sure, you're also putting your house at risk..in addition to everything else that your creditors can rightfully go after.

Answer 3

Refi Bad, ReFi MORE debt - bad, bad , bad !

Get rid of the truck for a cheap one and put all the bucks into getting 20% equity so you can get rid of the pmi . . .
Also take a second job and put it all into getting that 20% equity and rid of PMI .
You will still have pmi with the refi won't you ? because you will have an all debt loan !
No real equity ! = PMI still !

More bad debt is NOT a solution to your too much debt now . . . you are just digging a deeper hole for your bankruptcy coffin !

Answer 4

Yeah actually it depends on how much the intreset rate is on the loan, in basic terms its just like a credit card, you get a credit card with like 25% intreset rate, you'll be paying it off for as long as u live, constantly in debt...same thing with a loan babe. But it sounds like your jus trying to stay afloat, and this does put all your bills in to one reasonable fee and you can take some money out to keep saved up for a rainy day, but keep in mind you dont get paid all your life off a loan so dont get dependent on it if you dicide to take your loan officer up on it. And also dont forget that you do still have to pay for utility bills. But i personally think you should take the loan, even if it is buy the skin of your teeth that your getting by, i think you can tottaly handle it :)...BUT PLEASE LOOK AT THE INTRESET RATE FIRST!!!

Answer 5

I in simple terms offered an Harley XL1200L interest bike. I additionally offered a Grady-White 33' convey 330 fishing boat around a similar time. I even have some money left over yet i'm eyeing a sparkling 2008 Toyota Prius on account that my previous one would not have anymore room for "save Darfur" stickers! ;-) i be attentive to it sounds impulsive whether it wasn't. such as you element out, i don't have that style of money sitting around. I did my analyze on financing and desperate to do a HELOC approximately 6 months in the past. I talked to my loan guy and are available to a determination to do it on account that he gave me such sound advice. He confirmed me a graph of ways plenty residing house values have long previous up interior the final 5 years so I felt ok approximately it. on account that my residing house fee has tripled on account that I even have offered it, I even have quite some funds to burn because of the pot of gold i'm residing in! I plan to refinance in 6 months besides on account that my 5 365 days ARM is coming due so I could be advantageous. That bike is a candy holiday!

Answer 6

i dont think you can get 100% financing with your credit score unfortunately.