Can I pay off a home equity loan with my credit card ( lower interest rates!)+ how do I do it?

May 21, 2008 by C J | Posted in Personal Finance

I have an offer from a credit card co with a low interest rate, 2% lower than my home equity loan interest. I would love to get rid of the horrible 8.75% home loan interest on $12,000. What to do?

How long is that credit card rate good for? Bet it is less than a year. What are you going to do at the end of that time? Trouble ahead!!!!!!!!!!

Why don't you look for a better home equity loan rate? In fact, you may be able to get

Sharon T | May 21, 2008

How long is that credit card rate good for? Bet it is less than a year. What are you going to do at the end of that time? Trouble ahead!!!!!!!!!!

Why don't you look for a better home equity loan rate? In fact, you may be able to get
Sharon T | May 21, 2008

I Have a variable rate Home Equity loan . The Interest rates are killing me now. What should I do ?

Jul 16, 2006 by greenpuffysmoke | Posted in Credit

I want to know what bank has the best rates right now .

Banks have lots of rates. If you have good credit you can probably refinance, but if you don't you are learning an expensive lesson.

Nelson_DeVon | Jul 16, 2006

Finance & Investment Tips : Home Equity Loan Interest Rates

Finding the lowest home equity loan interest rates can be done by checking Bankrate.com or by consulting a local financial broker in a particular ...

Home equity lines of credit can be good but risky: Bank of Canada deputy governor

22.05.12

John Murray, deputy governor of the Bank of Canada spoke to the Mortgage Brokers Association of British Columbia on Monday. And given the concerns the Bank of Canada has been raising about how indebted Canadians are, and how mortgage rules need to be tightened, I thought Murray would have some great things to say. Unfortunately the talk was solely about how monetary policy works. It was actually very interesting, but not what I was hoping to hear. At the end, during question period the questions focused on the monetary policy. I was able to ask if Murray had anything to say to a roomful of mortgage brokers on home equity lines of credit, since they had been talked about a lot lately.

Source: Vancouver Sun (blog)

home equity loan interest rates - Bookshelf


The Everything Improve Your Credit Book, Boost Your Score, Lower Your Interest Rates, and Save Money
304 pages 		The Everything Improve Your Credit Book, Boost Your Score, Lower Your Interest Rates, and Save Money

Creator: Justin Pritchard | Business & Economics - 2007-02-12
Home-Equity Loans Home-equity loans are, as the name suggests, loans against the equity you have in your home. They allow you to borrow fairly large amounts, and the interest rate is typically more attractive than what you can find on a ...
Publisher: Adams Media Corp
Raising Capital For Dummies
336 pages 		Raising Capital For Dummies

Creator: Joseph W. Bartlett, Peter Economy | Business & Economics - 2011-04-27
(most often 15 years) at a set interest rate. Variable-rate equity loans are also available, with interest rates that change periodically depending on predetermined interest rate benchmarks. Home equity line of credit: Like a credit ...
Publisher: For Dummies
Your Money Map: A Proven 7-Step Guide to True Financial Freedom Your Money Map: A Proven 7-Step Guide to True Financial Freedom

Creator: Howard Dayton |
If you are considering consolidation when interest rates are rising, apply for consolidation before July 1. If interest rates are falling, wait until after this date. HOME EQUITY LOANS Home equity loans are simply additional mortgages.

How Home Equity Loan Interest Rates Are Determined

by Christopher I. Chandler

After living in your house for several years, you have built equity in it and can now use it as collateral for revolving credit. Financial institutions have different methods for determining how much you can borrow. Repayment amounts will vary depending on the rate. Home equity loan interest rates are determined in a number of ways.

The general method used to determine how much you can borrow is to take a percentage of the value of your house and subtract the amount you still owe on the mortgage. This results in the amount the lending institution is willing to give you. Different financial institutions use different percentage amounts.

...

Read more...

home equity loan interest rates - News


Credit card bill shouldn't be paid with more debt
The Detroit News - Jul 11, 2011
If so, I would encourage you to organize your budget so you can repay the loan in five to seven years. As an alternative, depending on the current rate of interest on your existing mortgage loan, you might consider using a home equity line of credit,

Home equity loan interest tax-deductible
Albuquerque Journal (subscription) - Jul 11, 2011
I now think that the smartest thing to do is to get a home equity loan and to use the money to pay off the credit cards. The interest rate will be lower, and I believe that I will be able to deduct the interest on the home equity loan,

Fixed, adjustable mortgage rates inch up but remain 'terrific deal'
The Detroit News - Jul 11, 2011
The borrowers in the survey would have had solid credit and down payments and/or home equity totaling 20 percent, and would have paid 0.7 percent of the loan amount upfront on average in fees and discount points to the lenders. Freddie Mac said rates

TIME TO PAY IT BACK
Buffalo News - Jul 11, 2011
TIME TO PAY IT BACK Another thing Ferrino discusses with parents is a home equity loan. “Yes, it can often be a viable source of funding, but with caution,” she said. “Do not put your retirement in jeopardy.” All of the interest paid for home equity loans can be deducted

Reverse mortgage may be the right thing
News & Observer - Jul 10, 2011
The amount of cash you can receive depends on your age, the value and location of your home, current interest rates and the reverse mortgage program you select. A higher payment will be offered the older you are, the higher the value of your home,

Call for a free credit repair consultation today (877) 278-5682

Related deals