Bad Credit Equity Loan?
My FICO is about 560 and I have a little over 20% equity in my home. I have been offered a refinace, but the terms really scare me. My financial situation would be much better served with an equity loan than this refinance. The closing costs take up too much of the amount I’m borrowing and it’s an adjustable rate mortgage that starts more than 3% higher than my current mortgage. Any suggestion???
The refi sounds horrible. An adjustable rate #% higher than your (assumedly) fixed rate? FYI, the chances of an adjustable rate adjusting downwards in the near-middle term future are pretty low. If you really need a loan, shop around for the HELOC. Don’t know your chances with you credit score, but anything is better than the refi you described.
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