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I have refi Q's - dunno who to ask...


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So, I closed on my house April 30, been here almost 8 mos. The loan is currently structured as an 80/20, 2/28 ARM. The rate on the first isn't so bad, the second - it stings a bit.

Purchase price was $128k - value, going off of what identical homes in the neighborhood are going for and accounting for my larger lot and full landscaping all around, is about $155k (neighboring homes are selling at $148 - $151k). And the equity rises just as sure as time passes - cannot buy into the neighborhood on a new home under the 170's. It's been fun.

So, on the second, I owe $25k. I would like to refi this and try to get some $$ out to pay other expenses because this work/rotation schedule I'm on is about to kill me. There is a prepayment penalty on the second (6 mos of interest) and I'm OK with that.

Scores? Anyone have a clue/direction? Prev. BK in 03/01, scores are terrible, as always, 520EQ 592EX 613TU. No lates on the mortgage. A 30d from Aug of this year when I bungled my car payment - no other recent lates. Revolving sitting at around 65%

Documented income at $3200/mo gross - if the lender needs it I have a Offer of Employment at $9240/mo starting 06/05 (graduation).

*sigh* Did I leave anything out? I'd like to find a rate under 11% if poss. - but I know beggars can't be choosers. And if I have to wait, so be it. Was wondering if anyone knew of some places to get started?

Thanks xheadscratchx

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