“Should I get a Home Equity Line of Credit or Refinance”
Joe,
Your name was given to me by my insurance agent and I could use some advice. She told me you were the right person to ask. I have a little over $30,000 in credit card debt I would like to eliminate. Should I get a home equity line verses refinance my existing mortgage? I will call you this afternoon so that we can discuss in detail.
Here is the math: First mortgage balance of $141,650 with a payment of $1773 with 19 years left. Credit card debt of $31,600 and the minimum payments are $1263 and two outstanding car loans of $16,300 with payments of $649. Total monthly payments equal $3685.
A new $196,0000 mortgage for 15 years is a payment of $1450, plus $712 for taxes and insurance which would be a total payment of $2162 and a savings of $1523. What would you do?
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Email: joe@righttracfg.com
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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