to refi or take another HELOC
Date: Tue, 11/20/2007 - 07:44
Great site! Ok, have a 1st mortg at 5.50% currently in year 5 of a 15 yr mortg. Bal is 105K Also have a heloc interest only at 7.24% Bal is 80K. Due to illness , was out of work for almost a year and racked up 50K in cc debt. Have two choices I think. Increase the HELOC to 130K to payoff all the debt. THis would be at 6.99% interest only (primed based) OR refi the whole thing (including the 1st mortgage)30 year mortgage interest only for the first 10 years and then recast at 6.625% and pay closing costs of around $8000. WHat would you do? I am overwhelmed. By the way. never been late on any payment. thanks
Hi there...welcome! Do you have the equity available to increase
Hi there...welcome! Do you have the equity available to increase the HELOC? Equity seems to be a rising issue in most parts of the country. Have you found someone to do the interest only loan for the first 10 if you decided to take that option?
I would not recommend that. It is never really a good idea to t
I would not recommend that. It is never really a good idea to take unsecured credit card debt and make it secured with your house. You would be putting your house on the line if you cannot make the payments. Not making the cc payments does not affect your living situation.
