Question by letsliftslacker: Is it better to refinance or, do a Home Quity Loan to consolidate bills and do repairs to my house? I have a 7.125% APR.....30 years....have been paying about 8 years......and have about 30-40k in equity? Best answer for Is it better to refinance or, do a Home Quity Loan to consolidate bills and do repairs to my house?:
Answer by dth256
You should be able to refi for a lower rate - depending on your credit. You shouldn't roll any other bills into this though. That will just get you deeper and deeper into debt. Best is to pay cash for repairs as you can afford them, unless it is detrimental to let repair go unchecked.
Answer by miss m
You should definitely refi into a better interest rate but you should NEVER refi your consumer debt into your home. If you want to do some work to the house do a home equity for what you'll need to pay for the upgrades and repairs. But like I said you should never roll your consumer debt into your home, youre just borrowing against the property and, while most people say they'll just do it this once, it will happen again and again and eventually you'll max out your homes value and still have credit cards to pay.
Answer by loserwent
when u refinance your home, they will make u pay a decent interest. home equity loan is just a high interest loan using your house as bait!
Answer by trinity082482
Refrinancing is a simple way to get money fast.. but my theory is if you dont have the money.. then dont spend. Its hard to get out of debt.. maybe you could downsize?
Answer by austinguy62
A lot of your question depends on what state you live in ex Texas limits your equity to 80% LTV in CA you an go to over 100% LTV in equity loans. The question about taking out equity to pay off debt is a unique one. While i usually suggest not doing so it all depends on your certain situation. For example you can deduct the interest from your home loan but not from credit card debt. while your rate is high this could be due to some credit issues. You need to do some research. Go to www.mortgage-X.com as a resource. At any rate, a refi will cost you money and you need to determine the recapture time. A Home Equity Loan or HELOC will be done for free yet you'll have a high rate currently at 8.25%.
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There are two types Home Equity loans - Closed End, which is referred to as a Fixed Home Equity and an Open End, commonly referred to as a Home Equity Line of Credit (or HELOC). Both are second mortgages because they are secured against the value of ... Home Equity Loans
Quite a few people can come across themselves in a position where they’re struggling to maintain up with their finances, and they do not know which way to turn. The debts pile up and bankruptcy is a real possibility.
Debt consolidation house equity loans are typically the answer for persons who are struggling with debts and own their own home. This type of loan will enable an individual to lower their monthly outgoings and consolidate their debts into 1 monthly payment.
Debt consolidation house equity loans permit a house owner to take out a second mortgage on their home. The quantity they can borrow is based on how much equity they’ve within the property.
The current value of the property and also the outstanding balance are utilized by the finance business to calculate how much funds could be borrowed. Therefore, should you have just taken out a significant mortgage, or home prices are in a slump, a debt consolidation residence equity loan may perhaps not be the answer.
Nonetheless, in case you have already paid off a big quantity of your mortgage, or the value of your house has increased considerably, then you could borrow around 80% of the value of your residence.
The loan can be utilized to pay off individual debts like credit cards, store bills, catalogues, unsecured loans, automobile finance, and so on; all of which usually carry hefty interest charges.
After these debts are cleared you’ll be left with one a lot smaller monthly payment to repay.Loan repayment periods can vary from around 5 years up to 15 years or additional, depending on the individual company’s lending policies, and also the quantity which is borrowed.
Interest charges will also vary from lender to lender, and it pays to get a few quotes to ensure that it is possible to compare issues like repayment times, interest charged, etc.
Bear in mind that the loan will probably be secured on your property, so you’ll need to be certain that you may keep up with the payments.
It is critical that you make the right judgment now, as the incorrect decision may be particularly expensive later.
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