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| *Loan,banking and credit>>>mortgage loan |
Should I refinace my mortgage, currently at 6.5%? I have two debts, a car loan 20k and a time share 20k.? |
Should I borrow from my equity in the house to pay off the debt? I have five years to pay off the car loan, which is at 4.9% interest and I have 10 years to pay off the time share, which is at 18%. Refinance and eliminate the 18% debt . The auto loan , if an APR of 4.9% is reasonable. If you prepay it, there could some penalties since interest was probably added on to the initial amount borrowed. Interest on the car loan is not deductible for tax purposes unless the car is used for business. That would be the only reason to use a home equity loan to pay off the car loan. If you do REFI I would not add the car but might I would look into paying off the time share, at 18% thats crazy!! If you check out the 10 yr Treasury bond you can see the rates have been going down and 6.5% is rather high. I'm a Mortgage loan officer Yes. Go for it, Best Mortage Refinance Loans, http://mortgage-loans1.blogspot.com/... |
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