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Message
Home equity to pay off debt
Posted on 3/27/19 at 12:55 pm
Posted on 3/27/19 at 12:55 pm
Are home equity loans to pay off debt a good idea? I was looking to take out a home equity loan that would clear about $1,500 a month in debt. I have about 2.5 years left in these payments (Car Loan, Student Loans etc) I Was looking to get a home equity loan where the payment could now be around $350. Is this ever a good idea?
9
Posted on 3/27/19 at 12:58 pm to martiallaw
If the interest rate is lower and the payoff time-frame is equal. Don't expect to get a tax deduction under the new law though
Posted on 3/27/19 at 1:00 pm to martiallaw
I know a couple of people who have done this. Both paid over their monthly minimums in an effort to pay it down asap but even that amount was well below what they were paying before.
As with anything I am sure there are negatives, I just don't know exactly what they are.
As with anything I am sure there are negatives, I just don't know exactly what they are.
Posted on 3/27/19 at 2:15 pm to Brian Wilson
The biggest negative is you are most likely putting your house up as collateral for debt that is unsecured. So if things stay as is and something happens and you can't pay, you have options. If you can't pay a home equity loan, they can come after your house.
Posted on 3/27/19 at 3:47 pm to notsince98
Thanks that a good point.
Posted on 3/27/19 at 4:20 pm to martiallaw
quote:
I have about 2.5 years left in these payments (Car Loan, Student Loans etc)
quote:$350 for how many years? I would just suck it up and clear those debts in 2.5 years or less.
I Was looking to get a home equity loan where the payment could now be around $350.
Posted on 3/27/19 at 4:42 pm to martiallaw
quote:
w could now be around $350.
Posted on 3/27/19 at 5:44 pm to PearlJam
Thats what I was leaning to.
Posted on 3/27/19 at 7:32 pm to martiallaw
No. Never.
Posted on 3/27/19 at 7:51 pm to martiallaw
You cannot borrow yourself to prosperity.
You're asking for opinions. Mine is like others, bite the bullet and knock out those 2.5 year loans.
You're asking for opinions. Mine is like others, bite the bullet and knock out those 2.5 year loans.
Posted on 3/27/19 at 8:39 pm to martiallaw
You never swap unsecured debt to secured debt, and absolutely never with your home as the security
Your student loan is forgiven if you die but not your Home equity loan
If you pay off your car loan with a heloc , you could be paying for that car for decades, seven after you get rid of it, it creates a snowball
Your student loan is forgiven if you die but not your Home equity loan
If you pay off your car loan with a heloc , you could be paying for that car for decades, seven after you get rid of it, it creates a snowball
Posted on 3/27/19 at 9:25 pm to martiallaw
Don’t do it.
1500x30 months = 45000
45000 / 350 = 128 months
You really want to stay in debt for 8 years longer? Doesn’t seem like a path to prosperity.
1500x30 months = 45000
45000 / 350 = 128 months
You really want to stay in debt for 8 years longer? Doesn’t seem like a path to prosperity.
Posted on 3/29/19 at 9:11 pm to martiallaw
Using secured debt to pay off unsecured debt?
I would not do that
I would not do that
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