Posted on: 28th Jul, 2010 10:47 am
Our house is my wife's name only as originally when we applied my credit wasn't good enough to be included. It now is but we are trying to eliminate $35K in credit card debt. We are strapped for cash and need to know if a 2nd mortgage is appropriate here? Would the 2nd mortgage amount cover then credit cards and then what do we do with the rest of the 2nd loan? Apply it to the house?
hi toddgilmore,
do you have equity in your property? if you've 20% equity in your property, then you can refinance the loan rather than going for a second mortgage. the cash out amount that you receive from the refinance can help you in paying off the credit card debts. unlike the second mortgage, you would be liable for paying one single mortgage payment every month.
thanks,
jerry
do you have equity in your property? if you've 20% equity in your property, then you can refinance the loan rather than going for a second mortgage. the cash out amount that you receive from the refinance can help you in paying off the credit card debts. unlike the second mortgage, you would be liable for paying one single mortgage payment every month.
thanks,
jerry