Q: My husband and I own our home for 11 years and have about $40,000 equity in it. Our credit scores are not good and we were wondering if we should try to sell our house or refinance. Our current mortgage interest rate is 6.75%. We also have a second mortgage that we owe around $8,000. Does our equity help us at all?
A: Yes, your equity should be a help in what your decision will be. I have to say, you seem to have some unanswered questions, these need to be answered for you to make an intelligent decision. I recommend that you set an appointment to meet & consult with a REALTOR. then, you can have all the facts / options laid out so you will be able to make a good move. These consultations are usually complimentary.