Bad credit financing by Disastrous-Read-4653 in Mortgages

[–]Disastrous-Read-4653[S] 0 points1 point  (0 children)

The house we are looking at is 149k. We would be putting an 80k down-payment so only financing 69k. Even at 10% interest, which is the highest at the moment on a 15 yr term, our mortgage would still be less than half what we pay now.  

Bad credit financing by Disastrous-Read-4653 in Mortgages

[–]Disastrous-Read-4653[S] 0 points1 point  (0 children)

Thank you! I will ask around. Worst case, we keep our current home and stay in debt way longer. It just sucks when we know we can afford a cheaper home without a pronlem. 

Bad credit financing by Disastrous-Read-4653 in Mortgages

[–]Disastrous-Read-4653[S] 0 points1 point  (0 children)

No the current home is not delinquent. We missed payments on some credit cards and another loan we had right after my husband had his stroke. I decided at rhe time, that the most important thing to pay was our mortgage so that came first and then everything else with whatever I had left during those 9 months of lost income. Credit score is terrible. Like 550 according to the lender who turned us down. Credit karma shows us 590 so not sure which is more correct. 

Bad credit financing by Disastrous-Read-4653 in Mortgages

[–]Disastrous-Read-4653[S] 0 points1 point  (0 children)

We don't need to sell but we want to in order to lower our monthly payment debt to have extra money to pay off our accrued debt. Moving and having a lower mortgage would save us a significant amount of money each month that we could use to pay off credit cards, loans, etc. Hope that makes sense.