I have been in credit card debt for awhile and the interest was killing me. Everything was maxed out. My credit scores were all in the low 600's. I did not have any late payments or collections on my credit, but what was bad was the maxed out cards. I had about $18,000 total in credit card debt with interest rates around 24% to 27%. I have been in my house 4 years and bought it for $162,000. My neighborhood values have increased a lot and I put about 25k into the house (hence the credit card debt). I began my application with them on March 1st, closed March 31st. My house was appraised for $225,000, which is consistent with my neighborhood recent sales. I was able to pay off all of my credit card debt and got a nice chunk of cash to help as a fallback savings.
My old interest rate was 4.125%. My new one is 4.990%. Yes, an increase but I had to do something and it isn't so bad. It beats what I was paying in interest on my debt.
I did have to pay a $500 fee to get the loan moving which was NOT easy to do. So, that could be a negative. The appraisal was $400 or $500, I cannot remember. It was rolled into the loan.
It was somewhat frustrating getting them the docs they needed. You submit what they ask for and then they ask for it 2 or 3 times again after you already sent it! They also asked for a form that did not exist. Once we got past all of that though, things went smoothly and honestly I cannot complain.
They do keep in contact with you all they way through, which was helpful. They are quick to respond to your questions. Make sure you log in A LOT to see what is next on your to-do list. You will not always get an email notification about new items. So, log in frequently. I was logging in several times a day.
We closed at my home. No out of pocket expenses other than the $500. All my debt is gone. My mortgage payment went up about $200 a month, but it is less the $700 a month I was paying to other debt.
It is a HUGE relief. There was no other way out! I highly recommend them.