Asked by Nikki, Chicago, IL • Tue Apr 7, 2009
I am in need of a refinance w/cash out. I don't know who to trust or if I should wait to improve my credit score. My home is worth 130k I currently owe 104k on my loan. I am in an ARM with a 8.65% rate due to adjust again in May. My credit score is in the mid 500's. Please advise if it is wise to refinance now or wait and try to improve my credit score. I was told that an FHA was more suitable for me. Then I also heard that I need at least a 620 to qualify. Please help, any suggestions to reputable lenders would be helpful.
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