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by jedahuke on October 14th, 2006

jedahuke

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I've had my home for about 5 months. We have a car loan and a personal loan at our credit union that is almost as much as our mortgage payment. I need relief NOW , is refinancing with cash out a good idea or not?

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  • by littleknown on October 14th, 2006

    littleknown

    This is an opportunity to "shop" for money. There are several options, you can get a second mortgage to pay off the loans, refinance the whole mortgage, or just get a better personal loan to include the car loan.

    Remember, they are working for you, don't accept whatever they say as gospel. They want your money so make them work for it, and don't accept the first offer. Check with several reputable companies that make loans. Wheel and deal with them. Sometimes a short-term loan is the same payment as a longer term loan. If they say that the offer is only good for x amount of time... then pass it by, its not a reputable company.

    Remember to homestead your home. Any time you refinance you have to homestead again!

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