Ask Terry Questions Mortgage refinancing

Mortgage refinancing

By Terry Savage on October 17, 2024 | Housing / Real Estate

We were thinking of using the home acquity of our home. We’re going to do the refinance And include in our payment the car and credit cards. At a two percent higher rate ? Am I doing the right thing?

Terry Says

Are you giving up a rate below 5%? If so, I’d think twice. Maybe take a home equity loan instead. And keep the original mortgage. But beware of a “balloon payment” at the end of the HELOC. That could be what makes the monthly payment on the HELOC so affordable.
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