I trying to pay off a few bills, I was wondering which would be best. my current rate is 6.9, credit score is 620, trying to pay these bills in order to get into the conforming market. I can refi, and my note stay the same, but loan amount goes up. Or get line of credit, pay off the bills , refi in about six months to a year, better score lower rate. Use the money from the refi to pay off the line of credit. 10,000 should do the trick to pay of all the bills. Can I get some help on a plan. Thanks

With the prime rate now at 6.25 and a HELOC margin averaging 1-1.5 over prime for small loan amounts, I would reccomend you just do a cashout refinance in your situation. 6.9 isn't a bad rate, but you can get down to about 5.875 if your LTV under 70%. Maybe a little higher if you have less room. If the total loan amount would be over 80% ov the value, I would reccomend doing the home equity line or loan instead to avoid MI. If you are in Florida, give me a call. I'd love to go over the options with you.
Mike Freed
American Dream Financial
813-319-2332 ext 218