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How to Finance Home Equity Loan
Real Questions
Sarah: Hi I’m Sarah from Pittsburgh. A few years ago I got a home equity loan
when rates were low. Now that rates are high I’m wondering what my
options are. Should I take money out of my savings in order to pay it off
or what are my other choices?
Doug Duncan: Sarah this is a relatively common phenomenon. A lot of people saw that
house price rice in their home and did take home equity loans most of
them had adjustable interest rates and so the interest rates are in fact rising.
So they’re looking at a strategy to control them.
One option is clearly to take savings out and pay it off if you have the
savings available. Others are looking at their first mortgage and its interest
rate. I’m thinking about taking cash out by refinancing the first mortgage
and paying off the second. There are various strategies that often involving
tax consequences.
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