I want to pay off bills so I will have more money in my pockets each month.
2007-09-17 01:48:02 · 7 answers · asked by missnewjerzee 2 in Business & Finance ➔ Renting & Real Estate
I have no credit cards. so the will to stop using them isn't an option, I have a car note and two personal loans I want to get rid of
2007-09-17 02:23:58 · update #1
A loan consolidation with low interest is the best I found interesting information about your answer & options here. http://all-debt-consolidation-loan.blogspot.com/2007/07/loan-consolidation.html Good luck!
2007-09-17 10:52:51 · answer #1 · answered by Anonymous · 0⤊ 0⤋
There are costs involved with refinancing, but you can get an equity loan for free by going to a local bank or mortgage broker.
Unless you are currently paying a much higher rate on your first mortgage than currently available, you're better off getting the equity loan.
Either way, once you consolidate your debt, the interest you pay will be tax deductible, whereas your personal and auto loan interest is not.
Best of luck to you!
2007-09-17 10:14:17 · answer #2 · answered by Mortgagemom 3 · 0⤊ 0⤋
What's the interest rate on your mortgage? How does that compare to what you would get if you refinanced? What interest rate is available to you on a home equity? How much are you borrowing? What are the closing costs on each loan?
Without knowing the above information, its hard to answer your question. My gut feel is that if you can get a home equity loan for a "not too much higher" rate compared to your first mortgage, then its probably better because the closing costs on a home equity are less than on a refi.
2007-09-17 08:56:26 · answer #3 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
pay off bills then refi if it makes sense. once bills are paid off the credit score will come up getting you a better interest rate!
if it makes sense and saves you money refinancing do that last!
contact a consultant to give you the best options ITs not always a good idea to refinance if you have a ARM product or your rate can be reduced by 1% refi here is a place that can advise you without any obligation! they will be straight with you!
I have sent people to them and they have been told not to refinance!
www.directlendingplanet.com
2007-09-17 08:56:43 · answer #4 · answered by Anonymous · 1⤊ 0⤋
What kind of bills are you wanting to pay off? If it's credit cards, you have to be willing to STOP USING THEM or you'll wind up with higher monthly payments. Most people refinance, then max out their credit cards within a few months, leaving them in a worse situation yet.
I personally would just keep paying your bills as-is. You can talk to your credit card companies and see if they'll lower your itnerest rate. That will give you 2 options. 1) you can continue to pay the same amount, it just will allow you to pay off the cards sooner. 2) you can pay the lower monthly payment and have more money in your pocket.
DO NOT let yourself get suckered into the same bad situation that most people in America get stuck in.
2007-09-17 08:59:54 · answer #5 · answered by Roland'sMommy 6 · 0⤊ 0⤋
Sweetie, you are asking the wrong folks. All you're going to get here is solicitations! We don't have your whole financial picture, nor do we want it. You need to understand we can't make a decision for you. Both have their pro's and con's, but what would work best for your financial situation can only be determined by a professional! Not these Yahoo's on here. lol
2007-09-17 10:16:06 · answer #6 · answered by Alterfemego 7 · 0⤊ 0⤋
What is your current interest rate and term on your mortgage?
What is your home currently worth?
We would have to know that before we could even pretend to help you. What you decide to do with the money is immaterial to your decision.
2007-09-17 09:32:30 · answer #7 · answered by Gem 7 · 0⤊ 0⤋