A lot of your question depends on what state you live in ex Texas limits your equity to 80% LTV in CA you an go to over 100% LTV in equity loans. The question about taking out equity to pay off debt is a unique one. While i usually suggest not doing so it all depends on your certain situation. For example you can deduct the interest from your home loan but not from credit card debt. while your rate is high this could be due to some credit issues. You need to do some research. Go to www.mortgage-X.com as a resource. At any rate, a refi will cost you money and you need to determine the recapture time. A Home Equity Loan or HELOC will be done for free yet you'll have a high rate currently at 8.25%.
when u refinance your home, they will make u pay a decent interest.
home equity loan is just a high interest loan using your house as bait!
You should definitely refi into a better interest rate but you should NEVER refi your consumer debt into your home. If you want to do some work to the house do a home equity for what you'll need to pay for the upgrades and repairs. But like I said you should never roll your consumer debt into your home, youre just borrowing against the property and, while most people say they'll just do it this once, it will happen again and again and eventually you'll max out your homes value and still have credit cards to pay.
Refrinancing is a simple way to get money fast.. but my theory is if you dont have the money.. then dont spend. Its hard to get out of debt.. maybe you could downsize?
You should be able to refi for a lower rate - depending on your credit.
You shouldn't roll any other bills into this though. That will just get you deeper and deeper into debt.
Best is to pay cash for repairs as you can afford them, unless it is detrimental to let repair go unchecked.
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