PLEASE HELP ME!!!!!

iVillage Member
Registered: 07-23-2004
PLEASE HELP ME!!!!!
2
Tue, 08-31-2004 - 3:11pm
I haven't posted in awhile. I need help. My husband wants to got to a mortgage company instead of a bank to refinance our house and pay off all our credit cards. We would actually be going through a mortgage broker who charges 1% of the loan. In this case it would be 1800.00. Then we have the mortgage company fees on top of that. He said that the mortgage company is charging us more fees than normal becasue my husband is self employed. I don't like this guy. He seems greedy and fishy. HE called me this morning and wants to send an appraiser out tomorrow at no cost to us. How can he do that? How would an appraiser get paid? Anyway, has anyone else got their home financed through a mortgage company. I say we just keep paying the cards ourselves. I don't know. PLease help.

Thanks

Laura

iVillage Member
Registered: 08-31-2004
In reply to: mls87
Wed, 09-01-2004 - 7:53am

Hi Lara,


We are also self employed.

Always Seeking Forever Learning

Avatar for zaboz
iVillage Member
Registered: 03-26-2003
In reply to: mls87
Wed, 09-01-2004 - 10:15am
Hi, I don't know your situation but it can be dangerous to roll your debt into a refinance. I'm sure you know but if you have any problems with the payment your house is on the line.

I think some important questions to honestly ask yourself first are...Are you living within a budget now? Are you still charging? Is this debt that's continuing to build or is it really just old stuff that you're struggling to pay down? Will you immediately close those cc accounts once they're paid off?

IF you decide you can handle it, you might consider going to a Credit Union

and/or a Home Equity line of credit instead. We recently opened one for some

possible home improvements and it cost us nothing and our interest is at prime

rate plus 1.

Best of luck! I hope it all works out one way or the other.