Cash-out refinancing opportunities have largely dried up for most conventional lenders; however, all isn't lost. Depending upon what you intend to do, and depending on whether your estimate of the current market price is based upon the results of a recent (within 2 months) inspection, you may have other options: use part of your equity as cross collateral, a floating mortgage with a subordination agreement (which is albeit less common in residential real-estate than in commercial), etc.
quality mortgage lending
I'd suggest calling either:
Daniel â€œDanâ€ Larkin, Senior Mortgage Consultant
600 Hart Rd. #115
Barrington, IL 60010
1555 Naperville-Wheaton Rd.
Naperville, IL 60563
630-388-1300 x 253 (off)
Either one of them should be able to help you with getting your scores improved and getting refinanced out of your current loan if possible. Good luck.
Broker Associate, Sudler Sotheby's International Realty
The quicker you resolve the credit the better your interest rate will be. You will not be able to do ANYTHING unless your credit score is at least 620.