Posts Tagged ‘Fico’

how to classify my home for mortgage app question?

Posted in Renting & Real Estate on 04/30/2009 12:06 pm by admin
urban_rednek asked:


I am getting ready to re-fi my home and want to know how i need to classify it for my mortgage app. It’s the only property i own, but last year i had to take a job out of state (economic reasons) so i am currently renting it. Can i still consider it my primary residence or would it be considered an investment property or a second home?

How much more are interest rates for an investment property given plenty of equity, great FICO and steady income?

MICHAEL

 

Does it EVER make sense to do a Home Equity Loan for CC Debt Consolidation?

Posted in Credit on 02/11/2009 10:51 am by admin
timcdfw asked:


Two lenders are telling me it will be the BEST thing i ever did for myself. I have 3 bad debts and a FICO of 551.

Why am I going to pay THREE TIMES over in interest to “make these go away” and put my house as collateral….changing an unsecured debt to a huge secured one? Seems like a no brainer….

Why do so many people do it? Am I missing a key benefit?
I havent done it …pretty sure i wont.

BRUNO