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Advice ..

Question: I am looking for advise….

We are now in our 18th year of a 30-year mortgage and are within a couple of years of being able to pay off our balance (we have always made extra payments toward the principle).

Our problem — we are paying 11% interest and feel that with a smaller balance we could pay off our balance and get a better interest rate – but HOW? I checked with a couple of banks who would issue a mortgage, but we would have to pay closing costs, which would put us back instead of ahead. I am toying with the idea of getting the money from a charge card – but not sure if that is a good move or not.

Any and all advice would be appreciated!

Answer: You might be able to get a home equity loan (from a bank, savings & loan, or credit union) for low closing cost (probably not none) and a lower rate, then pay off the primary mortgage.

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Filed under: Home Equity Loan