“Should I get a Home Equity Line of Credit or Refinance”

“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

www.righttracfg.com

www.joepetrowsky.com

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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.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 3 commentsJoe Petrowsky • March 19 2019 02:26PM

Comments

Good morning Joe. Refinance and learn to save the difference. Enjoy your day.

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 3 months ago

Simple math, isn't it Joe Petrowsky 

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) 3 months ago

Morning Joe.

So long as he/she doesn't go out and make a new bill, the math is all they need to know.

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty) 3 months ago

Participate