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I have the equity in the house. I just want out of debt. Bank at first they would approve it if I brought credit cards within limits. I did that now they saying no. I would try appealling to CMHC but dont know where to start. I'm from canada by the way.

2007-08-17 13:35:25 · 5 answers · asked by Dardie 1 in Business & Finance Credit

5 answers

Throwing all that unsecured debt onto your home is a bad idea. You would be paying a lot of interest over the term. And if you fall back into debt, as so many do, you could lose your home.

Instead work on clearing up your credit and paying off your debt. Start with a strict budget. Eliminate all the extras -- cell phone, eating out, new clothes, premium cable and internet, etc. Take every penny you can squeeze out of that budget and put it on your highest interest rate debt, while making minimum payments on the rest. When the highest interest rate debt is paid, go to the next till they are all paid off.

Get a second job and in two or three years you could have all that debt cleared up.

2007-08-17 15:25:54 · answer #1 · answered by bdancer222 7 · 0 0

Here is my 2 cents and I hope I can help you. You would do as such
1. Write down all the debts that you have on a piece of paper.
2. All the debts you have such as mortgage, taxes, insurance, credit card, gas, car loan,food and expenses as well as college loan.
3.Add them all up ( your debts )
4.Now subtract the debts from your salary and home equity.
5. you know now how much you will have left if you get your loan from the bank or mortgage company.
6. You can find a mortgage from the net but, make sure you check the companies credibility before you sign your equity loan.
7. Check around and I am sure there are so many banks who will loan you if you show them your debt statement and equity
line that you have.
8.Remember you have to come up with numbers and the urge that willing to take full responsibility for your debts.
9.Good luck and I wish you well.

2007-08-17 21:02:21 · answer #2 · answered by ryladie99 6 · 0 0

Umm.... that wont get you out of debt, that just moves your debt around.

And based on your past behavior, what is stopping you from maxing out the credit cards again?

Why dont you just pay off the credit cards and forget about the refi.

2007-08-17 21:28:56 · answer #3 · answered by Mike 6 · 1 0

There are many home loans companies but before you go for one apply online and get free quotes and then compare and gop for the loan. With bad credit it may be a little difficult but you will get one.
To know more you can visit
http://www.easyhomeloans.blogspot.com

2007-08-18 05:43:34 · answer #4 · answered by Anonymous · 0 0

Maybe try a mortgage broker company rather then a bank.

They work with many lenders.

2007-08-17 21:07:31 · answer #5 · answered by Y26 2 · 1 0

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