I'm Refinancing - Any Suggestions/Recommendations? (rate, mortgage, business, house)

[ABM]

Hi,

We want to refinance our home so that we can roll a HELOC into it, as well as pull out some cash for a business start-up.

Our current 30-year mortgage is @ 6%, which we took out in 2004. We owe $140,000. Our house will appraise at around $220,000 and the HELOC is at $44,000. The HELOC was for my wife's business.

Anyway, does anyone have suggestions or recommendations as to instututions with good rates/terms?

Thanks in advance,

ABM

[cdelena]

Few are writing mortgages at a good rate with less than 20% down after the big meltdown. As a result I would think that you would be fortunate to get your current rate for the house and HELOC but doubt you could get any cash. The days of cutting it close are gone.

[ABM]

Originally Posted by cdelena

Few are writing mortgages at a good rate with less than 20% down after the big meltdown. As a result I would think that you would be fortunate to get your current rate for the house and HELOC but doubt you could get any cash. The days of cutting it close are gone.

I figured.

My CS is nearly 800, though. I wonder if that will tip the scales in my favor?

[Sgoldie]

The SBA has a program for start-up small businesses that guarantees loans written by your local bank. Instead of jeopardizing the equity in your home you may want to keep things seperate. You will need to provide the bank with a detailed business plan in order to obtain approval.