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refinancing your house w/ bad credit?

post #1 of 4
Thread Starter 
Backround: Our credit sucked, but we still bought a house, but at a high interest rate. This was almost two years ago. We've never been late w/ mortgage, but would like a lower int. rate. Meanwhile, we're still floundering under other high int. debt and falling behind on payments. We'd like to get out of all that high interest stuff by refinancing for hopefully a lower int. rate on the house, and getting $15,000 out to pay off all the stuff that's making us flounder.

Has anyone done or experienced any thing similar? Thanks for any info!
post #2 of 4
Haven't done anything similar, but yyou might want to chack out Dave Ramsey's books "Financial Peace Revisited" and "Ulitmate Money Makeover" (I think that is the title)- Your library may well have them. If you are still falling behind on other payments, your credit score is still going to be low, so you may not get any better rate. rates in general have increased as well. You could check into it. Do you know your current credit score?
post #3 of 4
Do you belong to a credit union? You can always just go talk to the loan officer/manager in person and explain your situation and see what they can do for you. We got a home equity loan when I thought our circumstances didn't look that great. I think the fact we'd been paying on the mortgage for 5 years and had never been late helped a lot.
post #4 of 4
Thread Starter 
We've asked three companies so far and one called Fidelity has given us the best quote. The problem now is a pre-payment penalty. We'll see if it's worth it once he runs the numbers...
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