we're thinking of refinancing in order to have a new lender. our present lender would have motive to reject a ride-through and/or reaffirmation and we are trying to hold onto our equity.
we're thinking if we pay off the first lender with the second lender's money now while out fico scores are still good, the second lender would be more likely to let us ride-through. also we could pull out some equity, pay off our 401k loans, and make it through another year on the increased salary before the wolf is back at the door.
it's not that we love this house. we really don't. but it is cheaper than renting in our area and we have about 100k in it. We'd like a place to live and a bit of equity to use towards a future house.
does this plan sound ok? is there a better way?
we're thinking if we pay off the first lender with the second lender's money now while out fico scores are still good, the second lender would be more likely to let us ride-through. also we could pull out some equity, pay off our 401k loans, and make it through another year on the increased salary before the wolf is back at the door.
it's not that we love this house. we really don't. but it is cheaper than renting in our area and we have about 100k in it. We'd like a place to live and a bit of equity to use towards a future house.
does this plan sound ok? is there a better way?