I have a $530,000 all-interest mortgage loan. I am interested in refinancing soon, (if it is a good time to do so?) Should I refinance and add my $15,000 of personal debt to my new loan? Or should I get a personal loan for $15,000 from my bank?
5 Comment(s)
It might be hard refi-ing a jumbo loan these days.
Getting additional cash out might be impossible and a very bad idea to begin with.
Depending on how long you have had the loan. Most loan companies won’t allow a refinance for at least a year or two. As an all interest loan, do you have some equity to use?
If you can overcome those problems, then it’s better to do it in a refi, or maybe a second. In both cases you would be able to claim the interest as tax deductible.
Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loanold loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail.
It might be hard refi-ing a jumbo loan these days.
Getting additional cash out might be impossible and a very bad idea to begin with.
P J | Jun 26, 2009 | Reply
Refinance, if you scenario fits
personal loan= no bueno, looks bad on credit like BK
Tiffany | Jun 28, 2009 | Reply
Depends on the value of your house and the interest rate you are paying currently.
Rolling your debt into the mortgage is not a bad plan, IF, you are not going to run the debt up again.
ralph | Jun 29, 2009 | Reply
Depending on how long you have had the loan. Most loan companies won’t allow a refinance for at least a year or two. As an all interest loan, do you have some equity to use?
If you can overcome those problems, then it’s better to do it in a refi, or maybe a second. In both cases you would be able to claim the interest as tax deductible.
steve g | Jul 1, 2009 | Reply
Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loanold loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail.
Raju | Jul 2, 2009 | Reply