Need Line Of Credit

I need a bank who will refianance me or offer a credit line. I will have my house for 1 year In may and I currently owe $ 542,865.76 and country wide is saying It's estimated for $ 581 and another bank Is saying $561 any suggestions on what I can do b/c I'm super In debt with credit cards.

Unfortunately you might not be able to do as you want at this time.

You might have more mortgage than you have home as indicated by what your Countrywide and another bank has told you.

Not only that you probably have an added weight of a pre-payment penalty, which in your case is probably two years in duration.

There is not lot that this or any other forum can tell you.

About the credit cards you must take care of them someway, credit counseling might be a way. Check out all avenues available to you. When you go to those counseling bureaus or companies the mortgage industry almost count it as declaring bankruptcy for the purpose of getting a loan or refinancing.

Call your card companies and work out something with them. You might have to turn in a few credit cards and keep a few that have the lowest rate. Those that you turn make arrangement to pay a lower monthly payment.

Those that your decide to keep continue paying them.

I hope this has been of some use to you, good luck.

"FIGHT ON"

2007-03-27 11:45:28 by Help

Some Ways to Lower Your Home Equity Line of Credit Rates Owning a home must be the most precious property that someone can possess in most peoples ...

I opened a personal line of credit with the bank, but didn't realize what it was. I was thinking to close it, however, I was told that it would make my credit report look bad if I did that. Is it good to have a personal line of credit, if you are not thinking to use it anytime soon. I'm not to sure how that works. Thanks for any advise.

I believe that any open line of credit, whether it is bank credit or cash available credit on a credit card, even if unused, adversely affects your credit score, insomuch as credit bureaus look at it as if you already owed that money since you could potentially access it at any given time. The best thing to do, if you have no intention of using the line of credit is to close it, and have it reported as closed at customer's request. No, that does not detract from your credit rating; to the contrary, it displays fiscal responsibility.

2007-10-02 19:33:11 by pawdog530

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Our credit scores are only in the mid 600's. Our business has been open in Idaho for 1 year now. Previously we owned a business for 13 years in another state, same line of work. We have owned our home for 19 months. We paid 71,000 and now fair market value places it at 150,000 to 190,000. We would like a line of credit for 140,000 to consolidate debt and finish remodeling our house. An appraisal would need to be drive by only because we have exposed walls inside. We are trying to bring up our credit scores by "opting out" of credit offers and doing some dispute clean up. "Countrywide" seemed to be coming through for us until all of this market stuff started happening. If anyone can give us direction, it would be great. Thanks, Barbara
We currently owe 68,000 on our mortgage.

i would look into FHA...they have a rehab program that will alllow you to fix up your house.
Opting out of credit DOESNT RAISE YOUR SCORE.
many loan officers believe in that and it's UNTRUE.
it even says that on the optout website.

FHA allows up to 95% cashout value.

2007-09-04 14:00:28 by Barbi A

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I have applied for a student line of credit through scotia bank. Both my parents have co-signed it. I dont have very much savings because I just paid half of my tuition. Do you think i will qualify?

If your parents are considered strong co-signers then you will get your student line of credit. (because if you default and run up the card and then not make your payments on time... they get to pay it off).

It is the same as a credit card.

You get a preset spending limit and of course a monthly bill.

2009-08-15 08:43:07 by Nick *

Whats the difference between a loan and a line of credit?
Do you think its ok to search for the lender on the internet or should I go to my bank who refused it 2 yrs ago even though my FICO score was over 700? Its 760 now.
Do most people get quotes for the work they need or do they just borrow over and beyond what they think they need?
What are they going to ask me for when I apply for the equity line of credit?

#1 - A loan is a one time amount of money lent to you. Once it's paid off, it's done. A line of credit is a revolving credit amount where once ou pay the amount owed of, you can use the credit again (just like a credit card).

#2 - It is best to either search online or find a mortgage/loan broker. A broker has far more access to different companies that might have different lending requirements so if you were declined by one place, they will be able to shop it to another.

#3 - If you get a loan, it might be required or at least a good idea to get a quote for the work that is being done. There's no point in borrowing money and paying interest on it, just for the sake of having some extra cash around. If you are taking a line of credit, don't worry about the reciepts...you are only charged interest on the amount that you spend on it, not the amount available.

#4 - They will ask you more or less the same questions whether it's line of credit or a loan, however, they are alittle more strict with lines of credit, becuase you need to be responsible for a longer period of time instead of just the duration of one loan term.

2008-02-26 20:13:27 by happydawg