Advice needed

5 Replies

last year I purchased 3 low cost properties using a high interest signature loan and a credit card. They are now spruced up and rented and I need to get mortgages or lower interest loans but my credit score fell to 635. Can anyone advise me on what I can do? I owe about $50k total and the 3 houses together is worth about $100k.

I would sell two of them and use the proceeds to keep the third free-and-clear and put some money in your pocket for your next purchase...

My goal is to keep all three as rentals. I don't want to sell either. I just want  cheaper payments

Originally posted by @Mike Bryant :

My goal is to keep all three as rentals. I don't want to sell either. I just want  cheaper payments

Your best bet is to find a private lender (family, friend, colleague, someone in your professional network, etc) who will refinance the properties at a  lower rate.

With a 635 credit score, your conventional and portfolio financing options are limited...

Thanks J. I been working with a credit union who'll give me mortgages but I need a 670 to qualify. Just wanted to see if there were other quicker options.

Mike 

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