the loan is for about 10,000 dollars. I want to use it to consolidate some of my other loans and start building a music studio, which is a really big ambition of mine.
2006-06-13 09:16:29 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
if it means using all of your equity....which you probably don't have much if you just purchased unless you paid lower then market value..then my answer is no its not worth it at this time....and taking a low amount like 10k in debts and spanning them over a 30 year period is never a good idea....look into a small business loan...they have many programs available to help out the small business owner starting out.
2006-06-13 09:20:27 · answer #1 · answered by becca9892003 6 · 1⤊ 0⤋
It's generally a good idea to take a larger loan at lower interest, to pay off several loans which carry higher interest.
You realize, of course, that your equity in your home will be diminished by the 10,000 dollars.
2006-06-13 16:21:35 · answer #2 · answered by ikhnaton.iiii 2 · 0⤊ 0⤋
It all depends on the amount of equity you have in your house. If you have enough equity then you can take out an equity line and use it on as needed basis. You may consider refinancing and taking out some cash, so that you have only one payment instead of 2 payments..
Let me know if you need help with refinancing I am a mortgage broker and i can offer you some good deals..
2006-06-13 16:22:45 · answer #3 · answered by Ali A 1 · 0⤊ 0⤋
Check all your fees. We got stuck paying an impact fee of $1900.00 to the county, then a prepayment penalty on the first one for $4000.00 and then when all was said and done we were scammed into an interest only loan. We then paid all those fees again just to get a regular loan.
2006-06-13 16:42:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I would say to you is that, you are in a position to know what your situation is and can thus make the right choice as you see fit, however i would also suggest to you to speak with your broker on it.
If you don't know any you can call this number, 718-421-4075 if u don't get an answer leave a message i can assure you that someone will call you back.
2006-06-13 17:02:33 · answer #5 · answered by Resurrected 2 · 0⤊ 0⤋
Pay off your other loans, more quickly by making extra payments. Do not put your house at risk, even at lower interest rate on the HEL, you will pay far more interest over the life of the loan.
2006-06-13 16:19:41 · answer #6 · answered by VATreasures 6 · 0⤊ 0⤋
only go into debt if you are purchasing an appreciating asset.
2006-06-13 16:25:03 · answer #7 · answered by gregggary 1 · 0⤊ 0⤋