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Using Mortgage loan to pay off debts..
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Using Mortgage loan to pay off debts..
did anyone do this? For some reason it seems to be continually offered to us, and I dont get it. We are working with a broker to get our credit in shpae to get the best rate. they keep commenting on just taking and to a 107% mortgage to pay for closing costs and current debt( which is not that high..its long standing net but not a high amount of debt).
Our mortgage amount would go but again not substaintially....
to be honest it doesnt sound like the best idea...I think paying off the debt and having a smaller downpayment is better....arethey just pushing to get us in a house?
Just wondering if anyone did this and saw a pro in it?
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Posted 7/4/05 1:28 AM  |
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Prudential Douglas Elliman Real Estate
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Re: Using Mortgage loan to pay off debts..
I have a co-worker who mortgaged more to do work on her house and she recommended that we do the same (we didn't, but our house was not seriously in need of work like hers was).
The interest rate on a mortgage would be less than what is on the credit cards, and the mortgage interest can also be written off at tax time, whereas CC interest can't. It might be a good option. If we hadn't bought already, I know I would be anxious to buy now before the prices went up more.
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| Posted 7/4/05 11:19 AM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: Using Mortgage loan to pay off debts..
Posted by MrsProfessor
I have a co-worker who mortgaged more to do work on her house and she recommended that we do the same (we didn't, but our house was not seriously in need of work like hers was).
The interest rate on a mortgage would be less than what is on the credit cards, and the mortgage interest can also be written off at tax time, whereas CC interest can't. It might be a good option. If we hadn't bought already, I know I would be anxious to buy now before the prices went up more.
GOOD points..thanks for the info...We didnt discuss it in much length yet so Im just looking to see if anyone did this..thanks for answering..
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| Posted 7/4/05 11:31 AM |
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