Need some advice on refiancing.

[Cookie2120987]

I really need some advice before moving further with wether or not to refiance my car.. Its a 2005 Ford Five Hundred Limited. When I got my auto loan, my Credit score was only a 491 Via transui. Back in February 2013, now in April 2014 MyFico is reporting me as a 650. major increase. My loan currently has $6044 left on it at a intrest of 28% YES 28%!!!!!!!  I was in a slump with no car and had no choice, I had to get a car, I also didn't learn until I paid my first month the intrest rate was that high... My current payment is $206.96 and I know I can get that down by refiancing now, I M just not sure how to precede with doing so. I also may bring bad news now.. I had a hard inquiry today, my bank dId one earlier to see if they can start a mortage application for me.. Fingers crossed, ill know tomorrow...especially since it will be a no down payment for a first time buyer... With that being said, should I wait to refiance  just a bit until my mortage either gets denied or goes through? If i get denied how long should i wIait before trying to refiancee? Also.. Would I have any options in the way to for refiancing? I tried BofA last month to refiance but they told me my I come was to low to refiancee, but at the same time I applied online and I'm not entirely sure I did the Pplication correctly..... My monthly income for me  is around $1,600 yearly around $22,000. My wife also brings in about $800 but I can't claim her since she has NO credit score due to her mom ruining her credit when she was younger (different story for a very different day) 

any tips or info on how i should advance? I can afford to keep paying it for a while I just don't want to continue paying this outrages amount.

[CAnNY]

On whether you should wait until after you home, YES! 

Just read another thread yesterday of someone who refi and it caused a huge score drop. I suggest now waiting until you close on your home before doing the refi. 

If the mortgage request does not go thru, then as long as you have 9mos or more before you app again sure do the refi. 

Best of luck!

[Remember0]

I will second the wait for the mortgage to either close or be denied!

Now, while we're waiting here's a question for you:

Current NADA retail value of car?

Amount currently owed on car?

Again, please wait till the mortgage app is either completed and you have closed on a home or are denied to even utter the word "refi" or anything that sounds like "refi" to any bank/CU/lender.

[Cookie2120987]

I owe $6000 and my car is sadly only worth 4800-5300 according to the site. and we are officially approved for the mortgage! So until that is completely done I guess we have to play the waiting game. With owing more than what my car is worth, is there anything else special I can do other than refinance?

[Remember0]

Congrats on the mortgage! Do not do ANYTHING until after the mortgage/home purchasde closes!!! Heck, wait a few days after closing to be safe.

There should be only one value for NADA Retail, not a range. Did you try this site? http://www.nadaguides.com/Cars/Research-Center Click through to the right car.

Generally, to refi, you're going to need to bring the difference $700-$1200 in cash when refi'ing. Can you do this?How old is this car anyways and how many miles...it has to be pretty old for those kinds of value figures imo.

Also after closing, get your wife some cards (even if secured) in her name only so she can rebuild!

[Bigdave10000]

You owe $6000. If you refi you rate would be high 10%+'even if you had great credit because for that amount of money the banks consider it more like a personal loan and would prefer customers to put it on credit cards. You need to pay EXTRA every month. since it is a simple interest loan every extra dollar you can pay you are getting 0% on it. 

[Cookie2120987]

Average is $4600 clean is $5300 hop though my car is easily clean even with the 97,000 miles on it, I already know most people would put it down to try to make every dollar they could. And in my current standing I probably couldn't bring that to the table right now, not with a baby being due in June, which means I have to take off work since my wife's having a C-section. It looks as though my beset bet may be just simply paying a little extra on it every month and trying to just pay it off early. 

Also, though tempting I know I can't afford to do anything at all! Home has to come first!! I'm hoping by gardening for a few months I can break the 700 point threshold.

Also, I've tried to get my wife a secured card from capitol one and they denied her, she is on my secured card as a authorized user, trying to get her some history so she can get her own and start working on the rebuild herself. 

Thanks for your advice everyone!