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Can you put your mortgage in a HELOC?
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Can you put your mortgage in a HELOC?
We currently have one mortgage and one Heloc. I wondered if I could add my existing bills onto the current Heloc AND add my mortgage so I can have one payment per month.
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Posted 6/9/09 4:18 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Can you put your mortgage in a HELOC?
how large is the HELOC?
and what's the rate on the HELCO vs the rate on your mortage?
what do you mean by exisiting bills?
like a car payment?
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| Posted 6/9/09 4:43 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Can you put your mortgage in a HELOC?
Posted by Beth
how large is the HELOC?
and what's the rate on the HELCO vs the rate on your mortage?
what do you mean by exisiting bills?
like a car payment?
The Heloc is about $38,000
Think the Heloc is more than the mortgage (think 8% to 5.75%-mortgage)
Credit Card Bills (no car payment)
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| Posted 6/9/09 4:47 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Can you put your mortgage in a HELOC?
Posted by hazeleyes33
[
The Heloc is about $38,000
Think the Heloc is more than the mortgage (think 8% to 5.75%-mortgage)
Credit Card Bills (no car payment)
if the rate on the HELOC is higher then the mortage- it makes no sense to combine them both in the HELOC- it will cost you more each month
I wouldn't add the credit cards either- if you default on a credit card- no big deal
if you default on the HELOC- they can take you house
this is how people got into trouble in the housing market- combining things all into one payment might seem easier- but could be very harmful in the longer
plus - most people who combined credit card debt in a HELOC- ended up charging back up the cards- it's then becomes a cycle- that will end with a maxed out HELCO and credit card debt
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| Posted 6/9/09 4:53 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Can you put your mortgage in a HELOC?
Posted by Beth
Posted by hazeleyes33
[
The Heloc is about $38,000
Think the Heloc is more than the mortgage (think 8% to 5.75%-mortgage)
Credit Card Bills (no car payment)
if the rate on the HELOC is higher then the mortage- it makes no sense to combine them both in the HELOC- it will cost you more each month
I wouldn't add the credit cards either- if you default on a credit card- no big deal
if you default on the HELOC- they can take you house
this is how people got into trouble in the housing market- combining things all into one payment might seem easier- but could be very harmful in the longer
plus - most people who combined credit card debt in a HELOC- ended up charging back up the cards- it's then becomes a cycle- that will end with a maxed out HELCO and credit card debt
Thanks so much for your help :)
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| Posted 6/9/09 4:57 PM |
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