Posted on: 14th Mar, 2011 07:11 am
Hello to all. Thank you for taking the time to read my question, and for any responses.
My situation is that I have about $50,000 in equity in my home, and also about $50,000 of credit card debt. I have made some personal/financial changes and am in a position to not need to charge any more, and should be able to begin paying this down. However, I am hoping to be able to get as much out of the equity in my home as possible, and use that to pay down my credit cards, as I think that will lower my overall interest and monthly payments. I'm just beginning to look into this, and came across this forum, so I thought I would ask the experts, and see what my best option is.
My situation is that I have about $50,000 in equity in my home, and also about $50,000 of credit card debt. I have made some personal/financial changes and am in a position to not need to charge any more, and should be able to begin paying this down. However, I am hoping to be able to get as much out of the equity in my home as possible, and use that to pay down my credit cards, as I think that will lower my overall interest and monthly payments. I'm just beginning to look into this, and came across this forum, so I thought I would ask the experts, and see what my best option is.
hi bdx!
welcome to forums!
you can cash out the equity that you have in your home provided you have a good credit score and income. unless you satisfy these two criteria, lenders will not be ready to give you a home equity loan.
feel free to ask if you've further queries.
sussane
welcome to forums!
you can cash out the equity that you have in your home provided you have a good credit score and income. unless you satisfy these two criteria, lenders will not be ready to give you a home equity loan.
feel free to ask if you've further queries.
sussane