What type of loan should we get?
We live in the heart of sunny Southern California, we find ourselves in a bit of a pickle. Despite having a comfortable nest egg nestled in the value of our home - currently appraised at a cool $1.9 million - we're in dire need of a rapid cash injection to the tune of $100,000 to $150,000. The funds will be utilized to spruce up the old homestead, tackle a few pressing repairs, and finally put an end to some pesky debt that's been hanging around our necks. Our mortgage balance is a respectable $950k, and we're both retirees with a stable income of social security and pensions. Despite our decades-long tenure in this beloved abode, our credit score has seen better days and currently hovers around 630. So, with all these factors in play, what sort of loan options might be on the table for us? by Isabel212 from San Andreas, California. Mar 6th 2023
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
1) ideally a HELOC ( home equity line of credit ) would be perfect ...except your score is likely too low 2) I would recommend contacting the place you bank and ask for options 3) contact the smaller / mid size credit unions and banks in your area for options 4) doing a cash out refinance on the 1st mtg wont likely be possible due to credit as well as qualifying 5) consider a personal loan if you can get one 6) you might also look into cash out reverse mortgage options 7) you should try getting a current credit report and reviewing it with a lender so you have some ideas of how you can try to get your credit back on track...good luck... with a Dave Skow | Loan Officer Movement Mortgage NMLS 278613 Dave.skow@movement.com Mobile (206) 714-9745
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