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Should I refinance my home or do home equity loan? I need about $40,000 to pay my credit card debts and etc.? |
Should I refinance my home or do home equity loan? I need about $40,000 to pay my credit card debts and etc.? Do you have an additional $40,000 in equity in your house to get that much out? I can work and get you some temporary relief however, if you pull that much money out of the equity in your house and then turn around and start running up the credit cards again, you won't have solved anything. If you do decide to get a HELOC, I would strongly suggest that you double up the payments on it and get it paid off as soon as possible. It will take you quite some time to pay that off if you make minimum payments on it. Otherwise, you're never going to be out of debt and 5 or 10 years from now, you'll be starting the whole cycle over again. Ask your tax accountant, but I think that the total payments on a home equity are deductible. Plus you're not extending the number of years left on the first mortgage. Well, there's a lot more information needed to help you with a decision. Such as, how much equity do you have in your home? And, after you pay off your credit card debts, are you disciplined enough to not run them up again? Just some things to think about. Only if that STILL leaves you with atleast 10% equity. It can cost close to that (8-9%) to sell a home with a realtor and closing costs, and you dont want to be in a situation where you wouldn't be able to sell and walk away if you lost your job or something. Lets really think about this. If you have enough equity in your home, do you really want to lose that. If you default on your home loan, you lose the home. If you default on a credit card payment, it won't cost you your home. Everything can be negotioated. Call your credit card companies and tell them that you are interested in lowering your rate and if you have to transfer balances to a lower interest card, you will. They will usually lower interest rates if you have been a good customer. You are about to do something even dumber than accumulating $40k in credit card debt. Do you really want to put your credit card debt on the house where your kids sleep? Think about it! Go to the website below & figure out how to get your financial act together. You need to stop trying to borrow your way out of debt. www.daveramsey.com |
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