Question by rookiewriter: I need help securing refinancing for my mortgage. I have around $ 150,000.00 equity, and good credit rating.?
My home burned. It was a total loss, but I rebuilt another one. I’ve been told by a knowledgable person, (not a licenced appraiser) that my new home is worth upwards of $ 265.000.00. My current mortgage balance is around $ 114.000.00.
Prior to the fire, I was self employed as an owner/operator truck driver. Taking time off to rebuild, left me showing no income for 2008. I need to refinance to pay off debt inorder to take a lessor paying job.
Any suggestions or advice would br appreciated.
Answer by STEVEN F
According to your numbers, you have 55% equity. Assuming you have the income to make the payments, lenders should be FIGHTING over this loan.
Note: There is no such thing as refinancing to pay off anything. You are only renaming the debt.
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