Is now the time for me to refinance and consolidate by debt?

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Unlike bankruptcy, in which debts are cancelled and your credit rating collapses completely, debt consolidation loans are essentially a type of refinancing, where several-->old loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you鈥檒l no longer have to deal with harassing phone calls and daily mail.

Is now the time for me to refinance and consolidate by debt?

I have worked in the mortgage industry since 1986 so I have seen the good, the bad & the ugly! First of all you definately want to stay on a fixed rate- Your he-lock is probably a variable based on prime rate which is low now. If your credit is really good I would try to refi. onto a conventional loan & pay off both 1st & 2nd mtg. You have enough equity that you won't have to pay mortgage insurance (PMI). Shop around for rates- you can get around 5% maybe even a little less (again as long as your credit is good). You of course will need to be able to prove sufficient income to pay the loan.

I'm thinking since you have an owner held first mortgage they might appreciate being paid off as well. Make sure to choose a reputable company for your mortgage- google them, check with your State Dept. of Financial Institution to make sure they are in good standing with the state. Then just have the mortgage company give you a Good Faith Estimate so you can look at the fees being charged. Try to go through a Lender- not a Broker (a broker has his own fees as well as what the lender charges). Some fees you might expect to pay are 0 -1% origination, appraisal fee, title search/insurance, closing fee etc. Do a little comparison shopping as well. Rates are down this is a good time if you want to do it. Myself I probably would. As a side note, I have had clients before that have had nightmares with an owner held mortgage- example: Older man with no family died suddenly & the homeowner had no idea what to do- where to pay etc. This left him unable to sell the house because the owner held mortgage wasn't released - & he couldn't even make payments since he had no info on who to pay. Just make sure if you stay with the owner held that you have a clear idea of what to do in case something like that happened. I think he ended up having to hire an attorney to find who was in charge of the estate etc. Just alot of extra stress.

Good luck!

Is now the time for me to refinance and consolidate by debt?

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Is now the time for me to refinance and consolidate by debt?

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