Compare Home Equity Loan to Low Interest Credit Card

Author: cjones
Guest
Posted: Mon Jun 07, 2004 3:24 pm
Post subject: refinancing mortgage

Hi, My husband and I are due to close on a loan to consolidate our first and second mortgage with a lower interest rate on 6/24/04. We just had a brain storm to role our credit card debt of approx. $8,000 into the loan for payoff. It seems that we're to late into the loan process now. However, our credit union loan officer suggested a home equity line of credit. What do you think, Is that a good idea? Also, we are looking to purchase a new car soon also with financing thru the credit union. available home equity is approx. 15,000.

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Author: mouse
Guest
Posted: Mon Jun 07, 2004 8:02 pm
Post subject: Re: refinancing mortgage

cjones wrote:
Hi, My husband and I are due to close on a loan to consolidate our first and second mortgage with a lower interest rate on 6/24/04. We just had a brain storm to role our credit card debt of approx. $8,000 into the loan for payoff. It seems that we're to late into the loan process now. However, our credit union loan officer suggested a home equity line of credit. What do you think, Is that a good idea? Also, we are looking to purchase a new car soon also with financing thru the credit union. available home equity is approx. 15,000.

$8,000 for 30 years??? HELOC might be better later or look for a 0.00% BT credit card offer (6-15 months)

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