I recently lost my job and my husband and I decided that the best thing to do is to refinance our home which we purchased three years ago. Apparently, our home has increased its value around $80,000. We received a letter from a Mortgage company and gave them a call and information requested and we are currently reviewing the paperwork. My question to you is wether or not I should trust this company Meridian home mortgage, since it has mixed reviews, or if you have any suggestions.
Terry Says: I don’t know the company, and typically I recommend GuaranteedRate.com — the second largest national mortgage provider. I’ve written about the company — but have no other connection to them. I’s just a recommendation based on some good experiences. In particular, I suggest you contact Leslie Struthers (Leslie@guaranteedrate.com). I do see a potential problem with your refinancing. Without your income, you might not qualify for a refinance. AND, increasing your debt and monthly payment (even if you get a slightly lower rate) is not a real solution to your situation. You need to meet with a budget counselor and find out how you can adjust your lifestyle in any possible way until you get a new job — or permanently if you do not plan to go back to work. The cash you take out from a refi will go quickly, in my experience. And then you’ll face an even larger problem!