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teflon209 | We own a condo worth $100K - we have about $25k in debt - should we take a mortgage out to consolidate debt? |
We are married, with two children - middle school and grade school. We own our condominium, free and clear (tax assessed value $56,500.00 - market value $100,00.00). Between the two of us, we have approximately $25,000 - $30,000 in debts (credit cards, student loans, car payment - 3 years left on car $10,000@13%, credit cards are $6,000@19%, student loan is $11,000@8% - various other minor debts ~ $4,000.).
Would we be wise to take out a mortgage on our condominium to consolidate (and pay off) our debts? Would this allow us to deduct the interest on the mortgage on our taxes? |
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dfrank04401
 |
If you own your condo free and clear, I would try and avoid consolidating your debts. How did you end up with an 8% student loan interest rate? Last I knew they were are 3-4% range. I would continue to pay your car payment and student loans and add any extra cash to the credit cards. The student loans should be the last thing to be repaid. You definitely want to continue to pay them, but don't send them any extra money. I might look into trying to refinance the student loans to a lower rate though. If you really want to lower a payment to something, you might be able to get a personal loan with a lower rate than the credit cards and go that route. Hope this helps. |
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gnn27m
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If I understand this, you don't have any house payment? If so, I would definitely take out one for the minor debts, the credit cards and possibly the student loan. If you can swing that payment and the car payment, I would do that only because, in the end, you will end up paying a lot more for your car if you finance it out to 10 years. I just checked equity loans about a month ago and the rates were around 7.5%. If you did it that way, the one payment would disappear in 3 years and you wouldn't be looking too bad. The bigger problem would be to not rack up the credit card debt again after you consolidate. |
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stan c
 |
Just get a 15 year mortgage and pay everything off. You can always pay down the mortgage which should cut it in half. Make sure you get a fixed rate with an open end. Also request an amortization so you'll know exactly how much you're paying each month. |
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Sizematic
 |
You can borrow up to $25,000 unsecured, here.
If you have good credit, one good place to check is www.prosper.com. There, actual people place bids on your loan, so you get a good rate, and it helps real people that are investors, not just some big huge bank.
Check out my listing while you're there:
https://www.prosper.com/lend/listing.aspx?listingID=172313
Join here:
http://www.prosper.com/join/OverSize |
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zioncanyon
|
yes yes yes...a mortgage would run about 7-8 % and with the tax deduction really cost 5-6%
however, with your your student loans, credit card, and car paid off, you may have the tendency to go back into debt. do not..take out the mortgage, pay off the debts, and do not go into further debt |
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TheMom
 |
Since you own your condo w/o a mortgage it would be very wise to take out a mortgage for only the amount of debt that you owe. This would lower your interest by a great deal, and, as you stated, you could then write the interest off. If you were smart about it you would continue to make payments in the same $ amount as now and get out the the mortgage very early as well. This way you have this option again when your older child is starting college.
Don't contact any of the spammers here, they are running scams and will happily cheat you out of everything. |
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statusquo333
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If you consolidated all your debt it would be much easier for you to keep track since you would only have to pay your mortgage payments. This would also shoot your credit score up so you can combine the 2 loans and refinance into a lower rate in the future. If you would like free rate quotes or a free mortgage calculator try www.restructureyourmortgage.com |
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txcatwoman
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pay your high rate credit cards off, and in the future, if you must use them, pay them off every month, but I wouldn't take out a mortgage on my home |
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