Mortgage refinancing
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.
Check rates here at Bankrate.