Does it EVER make sense to do a Home Equity Loan for CC Debt Consolidation? related questions

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Does it EVER make sense to do a Home Equity Loan for CC Debt Consolidation?2denver2012-10-05 14:26:03
Two creditors are telling me it will be the best thing I ever did for myself . I have three bad debts and a FICO of 551 . MedlinePlus MedlinePlus Why am I going to pay three times more in the interest of "making them disappear " and put my house up as collateral .... exchange for an unsecured debt to a secured huge ? Seems obvious .... MedlinePlus MedlinePlus Why do so many people do it ? Am I missing a key benefit ?
Does it make sense to take a home equity loan out for $100K or so a year in advance of renovations and invest?1Star Chick 2012-09-09 13:27:03
I'm thinking of putting everything in a couple of investment funds or investment funds perhaps half / half CDs . I'd like to cash in other investments to avoid capital gains in the short term.
Does it make sense to purchase a home to reduce debt?0Gwen2012-09-20 16:32:02
I have bad credit and debt. I'm just getting from payday to payday . Should I use my VA loan eligibility to buy an affordable home and consolidate my debt with a home equity loan ?
Does it make sense to take out a student loan to help make larger down payment on a home?2madea2012-10-27 08:02:03
My husband and I have a combined income of $ 160,000 a year and are planning to buy a house in the Boston area . Housing is very expensive here , and a two bedroom apartment goes for between $ 400 to 450.000 . We currently have about $ 30,000 to be used for the down payment. My dilemma is that my graduate school is offering me $ 20,000 in student loans over the next year and a half (I'm on a full scholarship ) at the rate of 6.8 % . I do not need them for their expenses , but does it make any sense for them to take to help with the costs of houses ( down payment, closing costs , or even furniture / decor ) . We will not have 20% less , but we are close to not having to pay PMI for long. MedlinePlus MedlinePlus Besides that I have $ 10,000 in student loans ( mostly variable rate , just consolidated at around 2.48% ) , we are completely debt free . We bought the car in cash , and not expect to have to replace in the short term ( a Honda 2005) . Our debt-to- income is very low and our credit is great . I am also eligible for $ 17,500 in loan forgiveness for a few years , as I am a special education teacher urban . It is also important to note that we work very safe and there are no plans to make major changes , such as Special Ed teacher for Boston Public Schools . MedlinePlus MedlinePlus What do you think ? We would like to buy soon , to take advantage of the market and the tax credit .
Does it make sense to take out a student loan to help make larger down payment on a home?0ct2012-11-02 18:06:35
I am a full time teacher ($65,000 yr) and full time graduate student (on a full scholarship). I am looking to buy a house in the Boston area. I am being offered about $15,000 in student loans per year, at the current 6.8% fixed rate. Though I don't need these loans to live on, I'm wondering if I should take them to beef up my down payment (our savings is currently at about $30,000, we're looking at a house in the $450,000 ballpark). I will be combining income with my boyfriend, who makes $90,000 a year. Does it make sense to have more student loan debt but a bigger down payment? Some more details: I currently have about $8,000 in student loan debt from undergrad (variable rate, now about 2.5%, and about $7,500 from grad school last year (6.8%). Also, because I'm an urban special ed teacher I am eligible for $17,500 of my loans to be forgiven after 5 years (I'm in my 1st).
Does it make sense to take out a student loan to help make larger down payment on a home?0tiantae2012-11-06 00:09:02
My husband and I have a combined income of $ 160,000 a year and are planning to buy a house in the Boston area . Housing is very expensive here , and a two bedroom apartment goes for between $ 400 to 450.000 . We currently have about $ 30,000 to be used for the down payment. My dilemma is that my graduate school is offering me $ 20,000 in student loans over the next year and a half (I'm on a full scholarship ) at the rate of 6.8 % . I do not need them for their expenses , but does it make any sense for them to take to help with the costs of houses ( down payment, closing costs , or even furniture / decor ) . We will not have 20% less , but we are close to not having to pay PMI for long. MedlinePlus MedlinePlus Besides that I have $ 10,000 in student loans ( mostly variable rate , just consolidated at around 2.48% ) , we are completely debt free . We bought the car in cash , and not expect to have to replace in the short term ( a Honda 2005) . Our debt-to- income is very low and our credit is great . I am also eligible for $ 17,500 in loan forgiveness for a few years , as I am a special education teacher urban . It is also important to note that we work very safe and there are no plans to make major changes , such as Special Ed teacher for Boston Public Schools . MedlinePlus MedlinePlus What do you think ? We would like to buy soon , to take advantage of the market and the tax credit .
Found a home that has equity is there a lender that will do first mortgage and debt consolidation in one loan1kamara2012-10-22 16:32:03
I have debt you want to consolidate into a home purchase , and I found a house that is priced well below appraised value. Since there is no equity and a lender who will make a first and second mortgage at the same time ? This would reduce my debt to income and put me in a better financial situation as only one payment would be lower .
I have $ 4000 of negative equity on current car, does selling it and getting a cheaper car make sense?2Quenna2012-09-27 17:47:05
I have a 2005 Nissan Altima 2.5S with 26k on it . The reason I 'm thinking about selling it and getting a cheap car that I do not really use the car to its full potential . The car is fine, but I am single and have no children . I use it mainly just to drive from point A . A to point B. I can afford to make the payments, it would reduce my costs and put the money for other things right now its worth about 14 - 15k and 18k I owe on my loan . MedlinePlus I am also mechanically inclined and could handle the purchase of a car from 4-5 years of age in the range of 6- 8k and do maintenance and repair as needed.
Want to consolidate my debt to make one payment .Should I get a Home Equity Line or Loan of credit?2lucindia2012-10-26 19:21:05
I have $ 45,000.00 in credit card debt . MedlinePlus I'm worried about getting equity with lower starting rate because I can end up paying a lot at the same time , I will not achieve equity with a higher rate because although it is a fixed rate that still have to pay more than I can negotiate.
Home equity loan for a rental property located in Morristown, New Jersey. Purpose: debt consolidation?0Bacteria2012-10-01 07:13:13
I am a permanent resident of Canada , living in Edmonton . I tried to get a home equity loan on my property located in Morristown , New Jersey. I have approached several major lenders based . I have refused the loan because I am not a permanent resident of the U.S. . I need your help to locate a financial institution (U.S. or foreign ) willing to work with me . I have an acceptable level of U.S. credit and my work in Canada is stable and well-paid ( working for the government of the province of Alberta ) . I want to use the funds to consolidate my debt . Thanks for your help !
What makes better tax sense to fund a small business. Use a home equity line or seek an unsecured bus. loan?2Student A2012-08-10 10:00:04
Details: This business is a company ( without VAT involved. ) And both parties have good credit ...
Can I get a home equity/consolidation loan after a bankruptcy (discharged 08)?1BioBabe2012-10-12 08:45:03
I've been trying to get a loan to pay off some credit cards and have a little breathing room and have been denied by several lenders . I've been rebuilding my credit and have 108,000 due to a mortgage of 119,000 . Is there any place in Canada you can get a loan of 10,000 or less , or am I wasting time ?

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