Should I get a home equity loan at 7+% or keep moving credit bal. to new cards with 0% intro rates, 3%fixed?

Answers:3   |   LastUpdateAt:2012-11-03 07:33:01  

Question
kerstin =)
Asked at 2012-08-18 02:19:03
I have 20k in credit card debt ,
8k is at 2.9% or 3.9 % until paid off !
The rest is at 0 % until April '08 .
By then I will have more offers for new cards, with the balance. free transportation and often 18 months at 0%
I could move forward the balance and do not worry , I've done this for years and does not seem to have enough credit score affected area.
I know there are tax advantages for home equity loans , and I
can be achieved easily, but it is worth paying a 7% +?
Is there a mathematical calculation to figure this out ?
Another factor :. I will probably sell the house within 10 years and pay everything off
A full case of refinancing. does not look good , because my mortgage is at 5.38% , and probably would go for at least 6 %
Answer1kitsyAnswered at 2012-08-25 22:30:18
Do not blow your mortgage. Moving down in April Most importantly stop creating new debt . Getting rid of the debt owed .
Answer2BradyAnswered at 2012-08-31 02:37:03
If you are planning to sell , why should it matter if the interest rate rises ? Whenever not rise beyond 3.9% . A refinancing would be better than a HELOC . Especially if refi'd through a company that allows free biweekly . I 've been in my new mortgage for 7 months. In those seven months , I paid more to capital than did the entire year of previous refi . Later this year, will have paid almost 4k capital . This covers almost all expenses to complete the loan and is bi- weekly payments . This is a year 30 fixed and if I do not add anypayments be paid in 22 years . We do not plan to stay until then , but we are increasing the equity much faster than it ever did before with the " normal" banks and mortgage companies . Very satisfied .
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