Question:

Trying to see if I can refiance my mortgage to consolodate my line of credit and credit card. Problem is we have only been in our new house 9 months and there is no equity yet. Is there any way around this so that I can re-fianance or re-mortgage the house an extra twenty thousand to pay off them off. There must be some way to do this. Any suggestions or anyone in particular I should be speaking too? Any information would help. Thanks Kim

Answer:

Hi Kim, I need to get a little more information before I can give you some advice. What did you pay for the house, what is the balance on the mortgage, who is your first mortgage lender and what do you think the current value of the home is? It is possible to refinance your home to 95% of its value but it will depend on the answers above. John Lozinski 613-721-0010 jlozinski@bellnet.ca

Answered By: John Lozinski

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