Yeah I would see if you parents can just co sign for you. Once your credit improves you can look at removing them from the mortgage.
Is this rate "crazy" enough to make it worth paying the penalty to get out of the mortgage? Make sure you know what it is going to cost before you move ahead with anything.
Fire away with any other questions you have I am happy to help out if I can. PM me if they are of a private nature.
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