Should I Refinance or Use Credit Card to Pay off House
Author: Teddy
Posted: Sun Jul 04, 2004 9:26 pm
Post subject: Should I Refinance or Use Credit Card to Pay off House
4/23/2002 7:20 pm CDT
I'm curious.... If I have a low rate credit card and the refinancing rates are more, is it feasable to use my credit card to pay off my house? I don't owe that much!
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Author: mouse
Posted: Sun Jul 04, 2004 9:27 pm
Post subject: Should I Refinance or Use Credit Card to Pay off House
4/23/2002 9:41 pm CDT
Most BALANCE TRANSFER offers you can pay anybody.
If you owe like only $5,000 or so, go for it.
Many BT rates are 0.00%-5.99%
WARNING if it has a "go-to" more than your mortgage, don't do it.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: BJ
Posted: Sun Jul 04, 2004 9:27 pm
Post subject: Should I Refinance or Use Credit Card to Pay off House
4/24/2002 11:41 am CDT
I think I would worry about switching a mortgage to a card because the APRs for credit cards are always subject to change. If you make one late payment or the credit card company gets into financial trouble (a la Providian), your rate could go up astronomically. At least with the mortgage, you know that the rate will stay the same until you have paid if off.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: LB59
Posted: Sun Jul 04, 2004 9:28 pm
Post subject: Should I Refinance or Use Credit Card to Pay off House
7/13/2002 1:13 pm CDT
Very good advice:
Couple more points.
1* Inst.is not tax deductable on CC like it is on a home loan.
2*The bottom could fall out of your FICO score at any time thus pushing your Inst.rate on the card well above what is now on the home loan.
========================
BJ wrote:
-------------------------------
I think I would worry about switching a mortgage to a card because the APRs for credit cards are always subject to change. If you make one late payment or the credit card company gets into financial trouble (a la Providian), your rate could go up astronomically. At least with the mortgage, you know that the rate will stay the same until you have paid if off.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sun Jul 04, 2004 9:26 pm
Post subject: Should I Refinance or Use Credit Card to Pay off House
4/23/2002 7:20 pm CDT
I'm curious.... If I have a low rate credit card and the refinancing rates are more, is it feasable to use my credit card to pay off my house? I don't owe that much!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Sun Jul 04, 2004 9:27 pm
Post subject: Should I Refinance or Use Credit Card to Pay off House
4/23/2002 9:41 pm CDT
Most BALANCE TRANSFER offers you can pay anybody.
If you owe like only $5,000 or so, go for it.
Many BT rates are 0.00%-5.99%
WARNING if it has a "go-to" more than your mortgage, don't do it.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: BJ
Posted: Sun Jul 04, 2004 9:27 pm
Post subject: Should I Refinance or Use Credit Card to Pay off House
4/24/2002 11:41 am CDT
I think I would worry about switching a mortgage to a card because the APRs for credit cards are always subject to change. If you make one late payment or the credit card company gets into financial trouble (a la Providian), your rate could go up astronomically. At least with the mortgage, you know that the rate will stay the same until you have paid if off.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: LB59
Posted: Sun Jul 04, 2004 9:28 pm
Post subject: Should I Refinance or Use Credit Card to Pay off House
7/13/2002 1:13 pm CDT
Very good advice:
Couple more points.
1* Inst.is not tax deductable on CC like it is on a home loan.
2*The bottom could fall out of your FICO score at any time thus pushing your Inst.rate on the card well above what is now on the home loan.
========================
BJ wrote:
-------------------------------
I think I would worry about switching a mortgage to a card because the APRs for credit cards are always subject to change. If you make one late payment or the credit card company gets into financial trouble (a la Providian), your rate could go up astronomically. At least with the mortgage, you know that the rate will stay the same until you have paid if off.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 2:01 PM
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