Is it wise to refinance your home to get rid of credit card debt?
A second mortgage means you will eat into the equity you have built up in your home. I have seen several studies that show this is not smart. I have also seen studies which show that many- It depend on several factors. 1 Interest rate you are currently paying on home Rates are low right now, like 5. 5 percent. 2 The amount of credit card debt you are in. 3 How much real equity you have in your home. I would get with a financial planner and let them ist you in grouping all your debts into one payment. And I am not talking chapter 13 or 11
- If you're talking about reducing the interest rate on your existing mortgage; Sure. If you're talking about taking out second additional mortgage no, no, no. A second mortgage means you will eat into the equity you have built up in your home. I have seen several studies that show this is not smart. I have also seen studies which show that many who, take out a second mortgage to pay off debt, build that debt up again and are then saddled with two mortgages and a similar debt load. Refinancing an existing mortgage - of course. Taking out a second mortgage - of course not
- One benefit to doing this is by taking out a loan against your home, the interest may be tax deductible and you would not be paying high interest credit card fees. I would ONLY consider this as an option if you are certain that you are not going to turn around and rack up the credit card bills again!
Knowledge Base
Which bank offers the lowest interest rate for mortgage refinance in California?
i need to refinance my second / investment home in milpitas california and i am looking for a mortgage broker or a bank that offers lowest interest rate based on 700 or more fico score. preferably a loan program with minimum monthly payment is preferred. try washington mutual, indymac bank
Where can I find my previous IRS tax return information?
my previous irs tax documentation was lost in a fire. how can i obtain a copy of my irs tax files from previous years?. contact the irs and they will simply mail it out to you. i have had to do it before. you can go to a nearby irs
How to apply online credit card?
i am very busy person and im lazy or no time to go visit banks and i wanted to apply a credit card is there any easy way to apply credit card tru online?. before you go online to apply for a cerdit card you need to make a lot
Can tax deductions help you qualify for earned income credit?
i usually get earned income credit, but this year i am a couple thousand dollars above the limit. i have lots of deductions and was wondering if this would help. also want to know if turbo tax is as easy as they make it out to be?. no. eic is
After we have just been worked over by congress, are you ready to kick them out of office?
these are the same guys that think nothing of raising your credit card interest to 28 percent if you are one day late with a payment. - the same guys that pay us a measly 3 / 4 percent on a. both the senate and congress need to be cleaned
Knowledge Base: Mortgage
If I purchase a home in all cash would I get a mortgage or home equity loan?
i am planning on purchasing an investment property with a hundred percent cash. i can purchase the property at 60 percent of market value. i then plan on pulling a loan out for 60 percent of the market value. would it be considered a mortgage or a home equity loan?
What do you think is the best paid profession / career these days?
warren buffett is the second richest. he makes his money through knowing which companies. and their jobs are extremely stressful. some say it is worth it, i pay my mortgage because. sales. sales people get paid a ton of money for a very good reason, they are paid almost exclusively
what is the negative features of reverse mortgages
mortgage. reverse mortgages are only sensible when interest rates are much high than they are now. reverse mortgages are only sensible when interest rates are much high than they are now. reverse mortgages are limited to only 50 percent to 65 percent of the value of the property. some not
President Bush, Farewell address Did he accept responsibility for the failings of his two terms
the high gas prices can be laid at their feet, as well as the mortgage crisis. i voted for bush the first and second time. i admit my mistakes your wife had to be. no of course not. why would he. he was everybody he trusted fault as far as
What do you think on looking at an expensive shop?
as for me, i have got my own style, and priorities, and while i can dress for success without taking out a second mortgage, i may not be the most fashioned entrenched. how about, "i will bet i can make that for cheaper. ". i generally just leave. when i
My credit score is 666. I am buying a house. Is that bad?
with your credit score, that might be okay for your second, but your first ought to be in. with regard to mortgage credit grading, alt - a and b / c programs are priced differently every. i would tell you to get dinged for a credit card, however this could
What is the most outlandish thing you have said to get rid of a telemarketer?
lately, a lot of mortgage solicitors have been calling. i tell them that i do not have a. i ask them to hold for a second while i pull up: donotcall. gov / complain. i told one i'd lost all my money on online and that's why he should just
Knowledge Base: Second Mortgage
What do you think is the best paid profession / career these days?
warren buffett is the second richest. he makes his money through knowing which companies. and their jobs are extremely stressful. some say it is worth it, i pay my mortgage because. sales. sales people get paid a ton of money for a very good reason, they are paid almost exclusively
What happens to a second mortgage when a home is purchased at a foreclosure auction?
i am going to bid on a house at foreclosure and it has a 1st mortgage of usd 280k and a second of usd 70k. the lender on the first
I have a mortgage on one home, can I get a second mortgage to pay for another house?
i am planning to relocate, but current owe a mortgage for usd 50k. i also have a bankruptcy on my record thats a couple of years old. i'd like to
Is it possible to remove a second mortgage lien after a bankruptcy?
in 2001 we filed for bankruptcy, and put our house on it as well, and we had a second mortgage too, and of course, we put them on the bankruptcy
Is George W. Bush out of touch, or is it that he just does not care?
wolfhound you do mean double digit inflation, 15 percent mortgage rates and a military that was. the great depression from the nixon / ford had the lowest increase with bush
What is the most outlandish thing you have said to get rid of a telemarketer?
lately, a lot of mortgage solicitors have been calling. i tell them that i do not have a. i ask them to hold for a second while i pull up: donotcall. gov / complain. i told one i'd lost all my money on online and that's why he should just
Second Mortgage?
i am going on 3 months past due now on my mortgage. in other words my home is going into forclosure. i have a second mortgage that i am gonig
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