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dollylee9 · Joined: 19 Jul 2009 Posts: 63 -0.14 Dollars($)

Is it wise to do a home equity 15 yr loan for $20,000 in credit cards; $15,000 2nd mortgage balance; and $20,000 in home repairs? That would bring everything current, repairs would be completed; interest deductible, and I would keep 1 credit card for emergencies. Thank you.

jveenstra · Posted: Wed Oct 14, 2009 1:22 pm Post subject: Home Equity Loan

I can not tell if you are talking about getting a first mortgage or a second mortgage.

You ask about getting a Home Equity Loan and that usually means to mortgage people a second mortgage. However, many borrowers use the term Home Equity Loan because they are taking cash out of the property and they are really talking about a new first mortgage.

Regardless of whether you are talking about a new first mortagge or a new second mortgage, yes, it would be beneficial, especially right now while rates are so low.

eric1 · Posted: Wed Oct 14, 2009 4:36 pm Post subject:

John

This Dolly person is posting fake scenarios. You are not truly helping her with anything.

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Advice on Getting a Home Equity Loan to Consolidate Debt