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Hi Mentors, I am hoping for some guidance.

I have found that I am getting lost in the credit card "shell" game, moving around balances to keep them at teaser rates trying to avoid transfer fees when possible. My balances never seem to go away though. Coupled with that are rising rates affecting my adjustable rate HELOC. I refinanced about a year and a half ago and did an 80/20 Fixed and HELOC. My questions are:

1} Should I refinance my HELOC into a fixed rate 2nd mortgage to stop rates from rising?

2} Can I get that 2nd mortgage to include my credit card debt and car loan? (note I will be within 125% of my home's value)

3} If I am able to do #2 will all of my interest be tax deductible?

Please advise....Sincerely,

The Shell Game Guy :-)

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Word of advice. You will pay much less interest with a HELOC vs and 2nd mortgage. The HELOC is calculated on a average daily balance, So by putting a little extra payment towards your HELOC your ammount owned will decrease every month. 2nd Mortgage payment will stay fixed for the life of the loan. Don't worry so much about the interest rate, but by how it is calculated. You will pay less interest in the long run. Don't listen to all the scare tactics. Use logic when making decisons NOT emotions. Regards, Swanson Real Estate Investments

Like | Dislike | Share | Posted: Wed, 02/11/2009 - 09:49 | Post subject:

savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)


There are some convertible home equity line of credit loans which can be converted into a fixed rate loans after a certain period of time. But there are certain conditions to do that, which varies from lender to lender. You can go for a cash-out refinance if there is enough equity in the property. You can refinance to a fixed rate loan and use the cash-out money to repay the HELOC. You can also convert your HELOC into a fixed rate [url=]home equity loan[/url]. Check with you HELOC lender to find if these options apply in your case.

Like | Dislike | Share | Posted: Tue, 06/02/2009 - 04:45 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We have a HELOC loan (no mortgage loan). Can we convert this into a another kind of loan, a mortgage perhaps, in order to get more than 50% of our home's value (we live in TX)? We plan on continuing to live in this house for a long time. Thank you!

Like | Dislike | Share | Posted: Mon, 06/01/2009 - 17:06 | Post subject:

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