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If I apply for an equity line of credit and use the money to pay my credit cards will my house payment go up? |
If I apply for an equity line of credit and use the money to pay my credit cards will my house payment go up? i assume you are talking about a second loan on the house -- your house payment will not go up but you will have 2 loan payments. i would advise against it because you may be paying a lower interest rate but you will be paying for a longer period of time.. also i am not saying you will do it but most of the folks i know who did it -- immediately stated using there charge cards again and they ended up in a world of hurts. Not your first mortgage, this would be a second mortgage, and yes, it will go up as you use it. Should be separate loan even though the the collateral is the same. You are going to risk loosing your house to pay of credit cards???? This is not a good idea! You will have a second mortgage (separate payment). Your first mortgage payment will not change. It is a great idea! In most cases, the interest is tax deductible and the interest rate is lower. No, an equity loan has nothing to do with your mortgage. But it could affect how much you get on your house if you sell it before you pay the loan off. No. The payment amount will not go up, however, the number of payments will increase because you are adding on to the principal owed. |
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