I have a private lender that loan me 97k (balloon) and it is up next Fall. I am single make $100K/Yr. Currently own the home with about $200K in equity. Small credit card debt 2k. I have two car loans and that’s it. My credit is fair about 600 +. I need to get out of this balloon payment through this private lender, what can I do? I want to get a loan to pay the lender off and possibly one of the vehicles to be able to breathe a little bit better knowing A - I don’t face having to possibly sell my home B - have a normal loan and free up some financial obligations.
I would advise you to sit down with a Housing Counselor to go over how to maximize your credit score before attempting to refinance. You might need to cut your budget down to only essential expenses for the next 9 months to help to maximize your credit score. Making drastic changes to your budget and paying down debt could save you a couple hundred dollars each month with your new mortgage loan. You can visit the National Foundation of Credit Counseling website at www.nfcc.org and they will direct you to a Housing Counseling agency that can help you with your current situation.
Certified Veterans Counselor
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