What are my refinancing options?
Our current rate is 3.75% and refinancing at this point would seem ridiculous. I've been hearing that a HELOC would be the best option given our scores of 662, 639, and 614. A personal loan is also being offered but our scores seem to get in the way of approval. Our income is $240k yearly and we own two houses and have investments currently but our scores are preventing us from getting a loan. We need the loan to pay for medical expenses that we didn't expect. by smithsteven586 from Sacramento, California. Jan 30th 2023
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
Unfortunately, as you found out, your scores are a bit problematic for many home equity lines of credit (HELOC). Not saying you won't find one, just problematic. While no one wants to give up a 3.75% rate, I talk to many people about "Stop the bleeding". This simply means do what you have to do, or in this case, get whatever loan is available, fix the current issue, and hopefully get back to something better again in the future, after you've 'stopped the bleeding". Good luck. I lend in MN IA ND SD and WI. Find me at JoeMetzler.com | Cambria Mortgage | NMLS 274132
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