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08-03-2005, 11:18 AM
| | Junior Member | | Join Date: Aug 2005
Posts: 1
| | | refinance or bad credit
What is the name of your state? ct
currently i have a 30 year fixed mortgage at 6.2%. we moved into my house about a year and a half ago. we are currently over our heads in bills and our credit score is doing nothing but going done as we are late on at least one bill a month. we have a mortgage company who says they can get us on a two year fixed mortgage at 7.8% then it would go to prime. i am trying to figure out if the higher interest rate is better than the bad credit and struggles we have with our bills as of now. they said we could refinance as soon as our credit gets better but who knows if the interest rates are going to skyrocket. any advice would be greatly appreciated.
thank you |
08-04-2005, 10:06 AM
| | Member | | Join Date: Feb 2002
Posts: 446
| | | Why put your home at risk over credit card debt? Leave your 30 year fixed loan as is. Call a credit counseling agency to work on the other bills. If you combine all debt into a higher rate adjustable loan, you risk losing your home if you can't make payments... | |
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