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What is the best way to borrow the money needed to pay off a home equity line of credit? |
What is the best way to borrow the money needed to pay off a home equity line of credit? the line of credit would be lower interest than any loan, I would probably leave it as is There is no best way to borrow money, silly goose. Why would you want to? This is typically the cheapest source of borrowed money. But if you're trying to get off the note for some reason (i.e. divorce), your best bet is a secured loan (against something of valuable). A non secured loan will be more expensive if it is even available in the amount you need. You may be able to borrow money against retirement funds or whole life insurance policies if you have them also. Have you considered a re-fi? This will allow you to consolidate both your first and second mortgage into one payment and the interest rate on first mortgages is typically lower than on seconds (HELs and HELOCs). If this is your only 'mortgage', a fixed rate re-fi will be a better deal than the sliding rate typical of HELOC's. Modified 11 months ago |
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