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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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WWYD - Refinancing
We just did Choice B but with a lower rate. Best decision I ever made. Yeah, you pay a tiny but more in interest but you can save more, plan for future. We doubled down and increased our mortgage on our refi to drop to 15 years as we still had 25 to go. We were in a unquie situation as we got our house for less and already had equity to pull. We waited for the right time. For the first time, I actually have savings account as we lived month to month for so long. I know people mentioned 0percent deals but they expire on Ave 12 months and while the fee is not alot, it adds up. Making min payment for that much you owe will take 10 + years. You could do option a and then snow your extra money to credit cards. Once the lowest is paid off, take that money and apply to the next.
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Posted 6/6/19 12:04 PM  |
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Long Island Weddings
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: WWYD - Refinancing
Posted by b2b777
Did he give you an option of taking loan A, and then a HELOC to cover the CC debt? Maybe the HELOC would be lower interest over a shorter time frame (say 36 months)? I agree with the PP that you shouldn't lump the CC debt into the overall mortgage -- or into a HELOC if you can avoid it. But if your DH is back to work and your lifestyle is back on track, it could be another option.
HELOC may give you an "introductory" rate for the first 6 or so months, but typically they carry higher rates than something fixed. At least from my experience and the HELOC I have.
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| Posted 6/6/19 1:44 PM |
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