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Where Can I Go For a Fixed Rate Mortgage? – Stephanie

“Dear Steve,

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

I am backwards on my mortgage and it’s a five year arm will re-set in June with a HELOC. I need to refinance! I am paying interest only on my Sallie Mae loan this year and putting all my money into paying-off the HELOC. My credit score is 740 and all of my credit cards are paid off along with another small student loan.

I have been to Wells Fargo multiple times to refinance my primary loan to a fixed and they keep brushing me off. Is there anyone out there who is legit who will refinance my mortgage to a fixed rate. I want to do it before interest rates start going up.

Thanks,

Stephanie”

Dear Stephanie,

I’m not certain what you mean by “backwards” on your mortgage. I assume you are saying you owe more than it is worth. If that is the case, even with having good credit, refinancing will be a problem. How much do you owe on the mortgage and how much is your home worth?

Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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