Jump to content

Home equity loan or other way to consolidate debt

Rate this topic


CtJim

Recommended Posts

I’m looking to consolidate about 50k of debt, the remainder of college loans and some credit card debt. Any thoughts on any specific companies/banks that you would recommend. I’m looking for an easy process. Not looking to jump through hoops.  My credit is very good

Link to comment
Share on other sites

HELOCS are between 7-8%. Look for a bank that will give you a good intro rate. Probably around 6%.

I love when we make way past the breakwater at first light and head out, there's nothing better, the whole rest of the world just melts away for me.

(*edited - member formerly known as 'windknot')

Link to comment
Share on other sites

I 'm a member of a credit union. I do all my banking through them. Maybe find one to join. Also, I get a discount percentage for autopay, too. Very easy approval process on most loans. 

You know it must be a penguin bound down if you hear that terrible screaming and there ain't no other birds around. 

Link to comment
Share on other sites

As long as the word ‘variable’ doesn’t proceed the word loan, and the rates aren’t obscene, a home equity should be ok. My wife and I did that a few years ago (around the same $ amt as well). We paid it off earlier and can now manage our budget with much less stress. 

Link to comment
Share on other sites

1 hour ago, MikeMc said:

I 'm a member of a credit union. I do all my banking through them. Maybe find one to join. Also, I get a discount percentage for autopay, too. Very easy approval process on most loans. 

So add to my prior comment, the loan reference in my last post was through our credit union. Mike’s suggestion is something that should be considered 

Link to comment
Share on other sites

15 hours ago, CtJim said:

I’m looking to consolidate about 50k of debt, the remainder of college loans and some credit card debt. Any thoughts on any specific companies/banks that you would recommend. I’m looking for an easy process. Not looking to jump through hoops.  My credit is very good

 

14 hours ago, albacized said:

As long as the word ‘variable’ doesn’t proceed the word loan, and the rates aren’t obscene, a home equity should be ok. My wife and I did that a few years ago (around the same $ amt as well). We paid it off earlier and can now manage our budget with much less stress. 

A Home Equity Line should not be discounted as an option in this rate environment. 

 

If you believe we are at the top of a 2+ year raising rate environment and that the pendulum is going to start swinging the other direction, smart money would float/stay variable.  Locking in a fixed rate at the highest rates we've seen in 20 years might be called foolsih.

 

A home equity line floats with prime,  a home equity loan is locked in.

 

I'd personally take a home equity line and toss everything extra i could at it.

 

BUT.  What is the rate and associated terms of the other debt obligations?

"all of jase's posts are valid." -Otter

Link to comment
Share on other sites

35 mins ago, woowoo2 said:

I would not convert unsecured debt  (Credit cards) to secured debt (Heloc).

Buckle down and pay extra.

 

My .03

Why?  Unles you plan on defaulting, what's the advantage?

"all of jase's posts are valid." -Otter

Link to comment
Share on other sites

36 mins ago, woowoo2 said:

I would not convert unsecured debt  (Credit cards) to secured debt (Heloc).

Buckle down and pay extra.

 

My .03

 

With excellent credit he might be able to balance transfer to a zero percent card. 12 to 24 month promo, when it runs out transfer again. Rinse repeat as long as it takes. 

 

Did that back in the day to pay off wife's cards. Harder now to find a zero % promo in the era of 9% prime rate. 

I'll have mine on the rocks.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to register here in order to participate.

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now


×
×
  • Create New...