Refi or Home Eq loan???
Date: Tue, 02/05/2008 - 19:12
I need about $25,000 to consolidate my debt. I looked into refi's but I have a pretty good rate as it is. Closing cost for the refi's were anywhere from $5500 to $8000! It just doesnt seem worth it to spend $8k to get $25k that I have to pay back anyway. How do H.E. loans work? Is there crazy closing costs? Will I spend just as much as I would with a refi? Are rates similar to refi rates? I am very confused right now. Any responses would be awesome! Thanks
Pat
Pat
If you shop around you can usually find free home equities with
If you shop around you can usually find free home equities with no closing costs. I found one once at Wells Fargo on line and once with Citi. However, it is not a good idea to put unsecured debt against your home. If you should have financial issues and have to give up paying something, you don't want it to be your home. Look into the Bank of America unsecured line of credit - keep the debt off your secured property.
