Refinancing

Terry, I have approx $75,000 Remaining on my mortgage at 5.5 per cent; however I also have about $40000 in debt (25000 home equity and 15000 in credit cards).

A friend has recommended that I Refinance with New American Funding to get rid of the debt.

I would like to get your opinion . Thanks so much Terry.

Terry Says:  Well, depending on your income, your credit score, the value of your home, and the amount of equity in your home, it certainly would be a good idea to refinance it all into one fixed-rate loan, since current rates are around 4 percent.  BUT, that’s a lot of “buts”!!!  And I wouldn’t start out with the company you mentioned.  Instead I would go to www.GuaranteedRate.com or QuickenLoans.com to see what they think about your creditworthiness.