Can i refinance my house if i have equity but have bad credit? i owner financed my home?

Clarence
I have never been 30 days late and have paid on it for 5 years. My interest rate is high though. I would like to borrow enough to pay it off, which is $35k and enough to pay my car off bc the interest is also high, so together is less than $60k. but my house pmt is $600 and my car pmt is $500. Combining them at a lower rate seems like the thing to do, but my credit is bad. I got divorced 3 years ago and am single mom of 3. I have minor debt that I could pay off easily if I had a house pmt and no car.??

Tamesha
freecreditreport.hotusa.org - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

Iraida
Depends on how much equity and debt to income ratio. Poor credit could prevent you from getting an line of equity; however, poor credit can also get a line of equity with high interest rates and other stipulations such as prepayment penalties. On the flip side you can right off the interest from you equity line where you can't write the interest off for car loans. If you decide to do it and get approved; lock those credit card up and use for emergencies only. Do take an equity loan and find yourself back in the same situation.

Arnita
Mortgage companies will look at your credit to assess financial risk, however, there are some other things which may help you even if you have bad credit.Depending on how much equity you already have, they may assess it and deem you less of a risk. This would also indicate how much you may be able to take out in a home equity line of credit towards your car. I would suggest this... If you think you want to refinance both your car and your house, I would do it seperately. I highly doubt that you want to pay off your car for the term of your house loan. You probably only want a 5 year loan on your car which would be shorter than the term of your house. Otherwise you would be paying interest on your car for the term of your house loan.

Albert
Check with at least 3 reputable mortgage bankers in stable banks and ask if they service people in your situation. I am refinancing my own home and rolling my mother-in-law's nursing home care, my vehicle and my student loan into it and getting a very good rate despite my poor credit, reducing my current monthly out of pocket cost by almost $600 between the 3.Make sure that you do not take out a secondary mortgage to pay off your debt - frequently those cost points - or a lot of cash out of pocket - and have a much higher interest rate attached. Make sure all of your creditors are in good standing, and if the bankers all suggest that you take a few months to clean up your credit, make sure they tell you exactly what you should be doing, why you are doing it, and how to do it.It sounds like you have your hands full. Good luck!