“Is it Smart to Take Equity out of a Home to Pay off Debt?”
Good morning Joe,
Thank you for returning my call yesterday. It's probably easiest to communicate through email as I am a nurse and usually can't answer calls.
To recap our conversation, we want to refinance and pull out equity to pay off 2 student loans and a personal loan. We are drowning and have another kiddo off to college next summer!!(urgh) We owe in the 140's I believe and looking to take $190,000 for 20 years. Our home value is between $240 -$250,000 last we checked. The market is always changing.
I know our credit isn't stellar, but if we can get a mortgage for 5%or under that's better than we have now.
Let me know your thoughts.
I am not always a big fan when it comes to refinancing to pay off credit card debt but in this case the client will end up saving over $1000 per month. The monthly savings will put them in a much better financial situation and help them prepare for the next child going off to college.
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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
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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