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What can I do to get more (or better) quotes R-KBDQVPS

We know our debt to income is high. We are really trying to do away with the credit cards and a home equity loan would help. This would also pay off a second mortgage on another home we own. This would leave us with two mortgage payments and no credit cards, credit unions or any other loans. We plan on closing most of our credit card accounts. Would like to keep two for emergencies and ask that they lower the credit limits.
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February 14 2011 - Saint Albans
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Answers (1)

In your situation, with no balance on a 90K property, you may be better off taking out a first mortgage instead of a line of credit. I would suggest looking into taking 54K out if you really need the cash. This way you would encounter the minimum pricing adjustments. (only .25 to discount for your 660 - 679 FICO for cash out)

You didn't get quotes because you submitted it as a HELOC; take my advice and submit as a first mortgage refi and explore that idea.

Good luck.
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February 14 2011
 
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