we have a 540 average credit score and have 187,000 in equity can i refinance to get some cash out?

Public Comments

1. good idea , but be careful, 540 does not appear too good to go for financing others moreover you may not have proper appraisal techniques and real data about the entity who may like to have your cash , you may lend into difficult situation , however ,for detailed examination you may discuss and disclose to your financial advisor or Bank in strictest confidentiality.
2. you can go up to 85-90 % loan to value
3. Before you look into refinancing, it would help your situation by repairing your credit score. By examining your credit reports, you may be able to remove some old or incorrect reports. If you can hold off for a few months, do that first. Read the links below for advice. I would look at a home equity loan rather then refinancing the whole debt. Unless the interest rate you are paying is quite high, it's not worth it.