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