Posted on: 14th Oct, 2009 10:47 am
Is it wise to do a home equity 15 yr loan for $20,000 in credit cards; $15,000 2nd mortgage balance; and $20,000 in home repairs? That would bring everything current, repairs would be completed; interest deductible, and I would keep 1 credit card for emergencies. Thank you.
i can not tell if you are talking about getting a first mortgage or a second mortgage.
you ask about getting a home equity loan and that usually means to mortgage people a second mortgage. however, many borrowers use the term home equity loan because they are taking cash out of the property and they are really talking about a new first mortgage.
regardless of whether you are talking about a new first mortagge or a new second mortgage, yes, it would be beneficial, especially right now while rates are so low.
you ask about getting a home equity loan and that usually means to mortgage people a second mortgage. however, many borrowers use the term home equity loan because they are taking cash out of the property and they are really talking about a new first mortgage.
regardless of whether you are talking about a new first mortagge or a new second mortgage, yes, it would be beneficial, especially right now while rates are so low.
John
This Dolly person is posting fake scenarios. You are not truly helping her with anything.
This Dolly person is posting fake scenarios. You are not truly helping her with anything.
