need to refinance my house?
by Mortgage Rates on Wednesday, November 24th, 2010 | 3 Comments
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They will judge you on your ability to pay back along with your credit.
Google “how much house can I afford”, so you can see how much you could get with your salary.
They will require 2 to 3 years worth of tax returns, especially since you are self-employed.
Call any small bank or credit union and ask them for an appointment.
There is no cost for this.
You might be able to take out a loan for about $10,000..
Taking money out without ability to repay will be difficult. $6K in self-employment isn’t enough, added to having bad credit, even though low debt load, makes it unlikely.
However, you may be able to get a loan modification or refi (without cash out) as the government is encouraging lenders to work with homeowners. A loan modification or refi would get you a lower interest rate and lower your payments. NOT what you want, but it could help your financial picture.
Reverse mortgages have LOTS of fees and are only available if you meet many criteria.
Apply for HELOC or look into a reverse mortgage (62 or older). Learn how to use that equity for an investment that will pay higher interest than the loan (record low rates now).