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Getting married. Home equity line of credit question
Posted on 11/4/15 at 12:23 pm
Posted on 11/4/15 at 12:23 pm
Fiance owns her house (no payments). The house is worth $260,000. We have a combined credit card, student loan debt of about $30,000. If I took out my remaining student loan debt we owe about $14,000. Would it be smart to take out a home equity line of credit for $30,000 on the house to pay off credit cards/student loans? I think the interest rate on a HELOC is %3. Any advice would be appreciated 
This post was edited on 11/4/15 at 12:24 pm
2
Posted on 11/4/15 at 12:29 pm to TechDawg2007
It really depends on the interest rates of the revolving accounts and student loans.
Personally if you can get a HELOC rate of 3% I would consolidate all your unsecured debt into the heloc. You would have 1 payment instead of multiple, and the interest rate is probably lower.
Personally if you can get a HELOC rate of 3% I would consolidate all your unsecured debt into the heloc. You would have 1 payment instead of multiple, and the interest rate is probably lower.
Posted on 11/4/15 at 1:31 pm to TechDawg2007
the answer is yes.. you have to look at a HELOC as a low interest credit card. the rate will be an adjustable rate. the good thing is prime hasn't moved much over the last 5 years. Make a plan to pay the HELOC off in 2-3 years. HELOC's only work if you pay them off. I see way to many customers who take out a HELOC then just pay min payments forever on the HELOC.
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