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06-23-2007, 02:17 AM
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#1 |
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Registered User
Join Date: Jun 2007
Posts: 1
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pay off private loans with home equity?
Can someone let me know whether paying off about 80,000 in private loans by taking out a home equity loan(our house is worth about 650, 000 ) is a wise decision? We are in about 28% tax group. Are the write offs better?
THANK YOU!!! ps is quickenloans a good place to go? |
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07-14-2007, 10:07 PM
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#2 |
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Join Date: Jul 2007
Posts: 71
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it depends on how much interest you are currently paying on the 80,000.
__________________
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07-20-2007, 02:53 PM
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#3 |
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Join Date: Jun 2007
Posts: 4
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That is right. If you're mortgage interest rate is around 6-7% while youre student loans are 8-9% (which they may be if private), it would be a great idea to pay them off using your home's equity.
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07-24-2007, 05:47 PM
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#4 |
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Registered User
Join Date: Jul 2007
Posts: 1
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The majority of private loan consolidations have a maximum term of 15 years. If you are taking out a home equity line it is likely that you will have an interest only payment that in 15 years your balance will still be the same. I was a loan officer in the mortgage industry for years and now in the student loan industry. My company just came out with an amazing new private loan consolidation program. If you like, you can call me up and we can weigh the pros and cons of each option. My name is Kris Alban and my number was disconnected by Dingobiscuit. Hope I can help.
Last edited by Dingobiscuit : 07-24-2007 at 06:12 PM. Reason: removed soliciting telephone # |
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