I have a friend. Yes, not me. She has a primary mortgage of 0,000 at 7%, secondary mortgage of ,000 at 7.5% and credit card debt of ,000 @ 9.5%.
Are there any companies that can consolidate this debt and roll in the refi fees at a comparable rate? Also, let’s say she has no equity in the house. Just bought it last July.
March 7th, 2010 at 2:02 pm
Maybe. Not enough information. Would depend on the value of the home, the owners income, whether they are current on the existing loans and their credit rating.
Tell them to visit their local bank, credit union, etc. and stay away from the online spammers that invariably post responses on Yahoo! Answers.
March 7th, 2010 at 2:02 pm
A small loan consolidation with low interest is the best I found interesting information about your answer & options here. http://all-debt-consolidation-loan.blogspot.com/2007/07/loan-consolidation.html
March 7th, 2010 at 2:02 pm
Considering that she has no equity, it would be difficult to roll all the 3 debts into one single refi deal and still get a better rate. But there is no harm in trying. There are other factors at play as well, such as your credit score and income level. You can use websites such as Bills.com to get free quotes from lenders to see what your options are. You can enter your information here:
https://www.bills.com/homeloan/mortgage_refinance/
All the best!