Please!! First time Refi/Mortgage help

[MrsP732]

Hi - this is uncharted territory for me - I'm not sure what questions to ask lender/what rates are good/length of term I should apply for/etc

Spouse has $90K mortgage on home. (zillow says $267K value/more like $250K)

I would like to refi using my scores. I've never had a mortgage.

Also I would like to borrow $$ for home improvements. The home needs a bit of work. its over 100 years old,

Not sure if HELOC or 203K or cash out is best. 

My guess is $30K-$70K repairs.

Ive been at current employer 6 years, in industry over 10.

$520 monthly expenses

$70K documented income.

One bank said 10/15 year fixed 3.375% 20/25/30 year fixed is 4.25%

My Scores:

EQ 790

TU 796

EX 786

please help!

Thank you

[kc0039]

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@MrsP732 wrote:

Hi - this is uncharted territory for me - I'm not sure what questions to ask lender/what rates are good/length of term I should apply for/etc

Spouse has $90K mortgage on home. (zillow says $267K value/more like $250K)

I would like to refi using my scores. I've never had a mortgage.

Also I would like to borrow $$ for home improvements. The home needs a bit of work. its over 100 years old,

Not sure if HELOC or 203K or cash out is best. 

My guess is $30K-$70K repairs.

Ive been at current employer 6 years, in industry over 10.

$520 monthly expenses

$70K documented income.

One bank said 10/15 year fixed 3.375% 20/25/30 year fixed is 4.25%

My Scores:

EQ 790

TU 796

EX 786

please help!

Thank you

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Home Equity Line of Credit or do a refinance cash out. Don't do a 203K, you'll have PMI. You can do a cash-out, but the interest rates will be a little higher. Rates they quouted look good

[MrsP732]

Thank you very much!