It sounds as if you plan to keep your existing home and buy another? If so, I'd recommend you contact your lender and find out if you qualify for a new home with the payments as is then do the 2nd mortage refi after you close your new property.
Alternately, you could refinance your first and second mortgages into a single new first mortgage and be able to finance a lot more and a lot more easily as an owner-occupant than as an "investor."
Bottom line: talk with a mortgage person you trust. If you don't have one, call me 334-834-1500 and I'll be glad to recommend 2 or 3.
Good luck. Thanks--we appreciate you!... more
What is it you want to rescore? Rescoring only works if there are legitimate changes to your credit report that you need done in a short space of time. For example, if you pay down or payoff credit cards or have a legitimately inaccurate item removed and want that to be reflected without waiting, a rescore may be helpful. Rescoring is expensive and does nothing that time would not do. You only need to use this if you need something done now. Any changes you make to your report will eventually report; the rescore just does it sooner.... more
These seem like things to do after You have chosen a loan. When choosing a loan I would recommend - 1. Do pIck your lender wisely - your Realtor probably could give you a list of good lenders who are reliable and could assist you. 2. Don't just compare interest rates - compare closing cost too.... more
good afternoon....big equity is really defined as the percent of equity not the amount of equity...or really ltv......loan-to-value....in your case, refinancing probably won't work with your credit score unless you are currently on an fha loan.you could do a rate and term streamlined refi and just pay off what you owe..in order to lower your rate......not all lenders can, but there are some that do not need credit scores to qualify you....if you are not on an fha loan currently.work on credit and try down the road to refinance..best regards.bob mcclure- success mortgage partners- plymouth, michigan.......... more