How can a debt consolidation loan that also includes home repairs and will reduce monthly costs by $650 be bad
I checked out the loan and the interest is not too bad giving that this is a second mortgage that gives money for repairs and pay offs. The only thing I see is that it eats up all the equity and we will need to live in our home for at least 15 years before trying to sell…so that alone is the biggest decision. I am just wondering if there is anything else I should be looking for???
Thank you for the advice. The rate is 9.5% Fixed for 15 or 20 years. There is no pre payment penalty.
We have only had our mortgage since April 2007 (238k @ 6.75) . We have 11k in credit cards mostly around 22% interest, plus an old loan for 12k (26% interest), we have no equity in our home since the market sux for us right now. Should we just do the rob Peter to pay Paul game til we get the cards paid off with balance transfers & what not to 0% cards? Should we refi & get cash out but pay 5k in closing costs & have 6.25% on first & 13.3% on second? Help..we’ve falling & we can’t get up!