Refinancing to rid myself of CC debt
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| Sat, 03-05-2005 - 1:20pm |
Hi everyone.
I don't post on this board very often, but hope someone can come along and answer a question for me. I'll try to be brief.
I am trying to refinance on my house. I owe about 90,000 with about 50,000 in CC debt, 25 years of debt that keeps me awake at night and am working myself into the ground trying to pay-off. Husband has been laid-off and out of work a lot lately.
I have credit rating on FICO of about 670. I make a pretty good salary, I work for a local hospital and also am self-employed and make over 50K. My husband is only working at a temp job right now, things have been rough, and the mortgage broker I'm working with will keep my husband's name on the deed, but the loan will be in my name. He is fine with that and will be with me when I sign the papers, etc. Anyway, I have been working with this broker now for 4 weeks. As of yet, I have not signed A thing! Don't you think that is strange? I only called this person because the Office has been there for over 10 years and is a local Mortgage broker film 5 min. down the road. He said I was pre-approved and sent someone over the get an estimate on the house which came in at 245,000. I have plenty of equity on my home, over 150K. I should think this loan would be a breeze and would get rid of all my CC debt. That is the only way I can see out. I am paying over 1000 a month in CC and the bills just don't go down. I work close to 80 hours a week just to keep up. Right now I am paying 7.5% interest and the new loan would be close to 6, so my morgage payment will only go up maybe 100 a month on a 145,000 loan. Well, anyway, I have to keep calling this guy. Shouldn't he be more eager/aggressive. I can't help but wonder if it's because I'm a woman. I know I have this hang-up about this, but feel if he were dealing with my husband things would be moving along quicker. I was supposed to meet him Fri. sign the necessary papers to lock-in, etc. and he called and cancelled on me at the last minute saying "my printer is not working, I have nothing for you to sign right now, but hopefully in a few hours things will be up, and I'll call you back". I never heard back. I can't stop thinking about this, and it is really bugging me. What do you think? any advise? Maybe I can't get the loan and he won't tell me????
Thanks for listerning...sorry so long.

I would find a different mortgage broker, this guy is not providing good service and you can't rely on him. Whatever his problem is, whether you are female or he just is disorganized, it doesn't matter, he shouldn't be getting your business.
There is a real estate board here somewhere and you might want to post there to find out what to expect from a mortgage broker. Sorry I don't have the link.
Maybe he had a date that night.
Thanks so much for the advise!
I am starting to see that going to a mortgage broker without a reference was not my smartest move!
I think what I am going to do is go to my Bank and see what we can work out for refinancing. Maybe they can give me some advise.
I did call my CC's, but they won't budge. I have been 7-14 days late quite often and can't catch up. They are not helping me at all. What are small transfers? Opening up new cards and transferring balances? I did think of that.
Thanks again. This site is really helpful.
Yeah, that's essentially what I meant with small transfers.
I LOVE doing math problems.