Q&A: home refinancing?
Question by freebirdat2002: home refinancing?
We were told by our mortage broker that we could refinance after 30 days of having purchase. My sister and her husband , myself and my husband who is the ones who are wanting to refinance. At this time the loan is in my sister and her husband. Do to my credit score they said that when we purchased the property that they could use only half my husbands income do to use being married. So he did not go on the loan. We are all 4 on the deed. So we are wanting to refinance now so we can do more remolding. The property was valued at 291,000 it cost 150,000 to buy it. And all we are wanting to pull out is 50,000. So there is still alot of equility in the property.
Not to mention I am sure that it will value for more now. We have put new shingles on, siding, doors, windows, redone kitchens, new carpet, paint, etc. Still more we want to do.
My sister and her husbands credit scores are in the upper 700′s. My husbands is 725 Trns, 612 equfax, 698 experian. Mine is in the lower 600′s.
Yes we tend to keep living there. And the question that was being asked is it possible to refinace that soon. And with the value that is in the property why would a mortage company or bank not want to?
Best answer:
Answer by SPIFIMAN1
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Know better? Leave your own answer in the comments!
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What will you eventually do with this house, sell it, live in it etc?
My guess is you might find it hard to get any more money out of it right now but never hurts to try.
If you are not careful and this is a house you all intend to sell you will have way more in it than you can get out in today’s markets.