Is a HELOC best in my situation?
I owe about 180k on my mortgage and my house is worth about 250k. I have about 18k in cc debt that I want to pay off, plus get 7k cash out to help my daughter. Would I be able to refi + cash out for a new mortgage? Or is a low-interest rate HELOC better? Or something else? by skaufman635 from Brown City, Michigan. Dec 9th 2020
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
The answer to your question is going to be driven, in part by the interest rate on your current loan. If today's rate is lower than the rate on your current loan, it will likely be prudent to refinance and withdraw the cash as part of that transaction. I'd be happy to help, give me a call. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except MA and NY and we're pending approval in VA. ~ www.ApplyYes.com 480-889-9000.
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