Im considering refinance possibilities.
Current:
$67,600
1st mortgage - 7% - very recent refi previously done due to layoff.
$15,000
Line of Credit (sorta a 2nd mortgage) - 9% - full
$9000
Credit card debt - mostly due to layoff going from making
$70,000 a year to $20,000 a year.
Various rates among 3 cards (all same bank).
Refinance reasons is obvious.
But ultimate reason is consolidate.
Recent attempts at getting estimates find most of the choices
are that a new primary might not be good enough to replace current (except on rate), but the costs are such to make it almost not doable.
On 2nd mortgage, seems that its not doable in that some rates are even above my current avg rate on my debt.
Suggestions?
Im leaning toward doing nothing except locking the lineofcredit into a shorterm fixed loan and using a future cashflow improvement to pay off debt (cashflow improvement is a investment that will actually pay the mortga
2006-11-08
07:23:09
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2 answers
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asked by
pcreamer2000
5
in
Credit