Mortage Payoff
Question: Does anyone have any suggestions? We have tried making double and > triple house payments, but that gets old quick, plus there is not much > money left for other things… like food!
>If you can’t get a low- or no-cost refinance (I’ve heard about ‘em, but >haven’t seen ‘em!), just get a home equity loan. Interest rates are ><11%, interest is deductible. Some banks have closing costs of $0 on >HEL’s.
Answer: I agree with this advice totally. In many cases, esp. if you shop around you can pay off the 11 % loan with a lower home equity loan which should give you a source for emergency money to use whenever you absolutely have to get a loan, which sure as hell beats going through the process you normally have to go through to get a bank loan. Don’t assume that bank X always has the “lowest interest rate”, always comparative shop for money just like you do for everything else that is expensive.
Related Posts
Filed under: Home Equity Loan
Leave a Comment
XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>
TrackBack URL | RSS feed for comments on this post.