Tilted Forum Project Discussion Community - View Single Post - Refinance Question-NEED QUICK ANSWER PLEASE!!

NoSoup · 07-14-2004, 09:12 AM

Do not do that loan. If you take out a loan higher than your home is valued at, you'll have a very tough time selling it in an emergency.

630 for a Credit score is not too bad, so $10k+ in closing costs is outrageous. If your score were 500-580 I could understand such a large fee, but I can't even imagine what would cost that much for a 630 score.

I would check into getting a second, possibly a HELOC (home equity line of credit) Most HELOCs have variable interest rates, but offer an interest only payment just in case you guys have a difficult month.

07-14-2004, 09:12 AM	#4 (permalink)
NoSoup Non-Rookie Location: Green Bay, WI	Do not do that loan. If you take out a loan higher than your home is valued at, you'll have a very tough time selling it in an emergency. 630 for a Credit score is not too bad, so $10k+ in closing costs is outrageous. If your score were 500-580 I could understand such a large fee, but I can't even imagine what would cost that much for a 630 score. I would check into getting a second, possibly a HELOC (home equity line of credit) Most HELOCs have variable interest rates, but offer an interest only payment just in case you guys have a difficult month. __________________ I have an aura of reliability and good judgement. Just in case you were wondering...