LIFamilies.com - Long Island, NY


RSS
Articles Business Directory Blog Real Estate Community Forum Shop My Family Contests

Log In Chat Index Search Rules Lingo Create Account

Quick navigation:   

Using Mortgage loan to pay off debts..

Posted By Message

dm24angel
Happiness

Member since 5/05

34581 total posts

Name:
Donna

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?

Posted 7/4/05 1:28 AM
 
Long Island Weddings
Long Island's Largest Bridal Resource
  |   Prudential Douglas Elliman Real Estate

MrsProfessor
hi

Member since 5/05

14279 total posts

Name:

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.

Posted 7/4/05 11:19 AM
 

dm24angel
Happiness

Member since 5/05

34581 total posts

Name:
Donna

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..

Posted 7/4/05 11:31 AM
 
 

Potentially Related Topics:

Topic Posted By Started Replies Forum
Great tip for homeowners - pay your mortgage bi-weekly! KPsquared 8/10/06 18 Home
POLL: How much/month do you pay for mortgage + taxes (and common charges, if applicable)? Leeners 8/3/05 48 Home
second mortgage/home eq. loan ThreeCats 11/4/05 3 Home
 
Quick navigation:   
Currently 44199 users on the LIFamilies.com Chat
New Businesses
1 More Rep
Carleton Hall of East Islip
J&A Building Services
LaraMae Health Coaching
Sonic Wellness
Julbaby Photography LLC
Ideal Uniforms
Teresa Geraghty Photography
Camelot Dream Homes
Long Island Wedding Boutique
MB Febus- Rodan & Fields
Camp Harbor
Market America-Shop.com
ACM Basement Waterproofing
Travel Tom

      Follow LIWeddings on Facebook

      Follow LIFamilies on Twitter
Long Island Bridal Shows