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Posted by / 07-Aug-2020 05:31

Consolidating debt into a mortgage

Factor these extra expenses in the equation of whether a refinancing makes sense for you.“That means it will take time for the refi to pay for itself,” Opperman says.Here’s the danger: If you owe 0,000 on your home and refinance for 0,000 with the extra money going to pay credit card debt, your monthly payments would be higher. I suspect it’s because I live in a trendy Tampa neighborhood called Seminole Heights. Great restaurants and neighbors make this a great place to call home.If at any point you got in a major financial crunch and couldn’t pay your mortgage, you could potentially lose your home.(Story continues below)Earlier this year I received a mailer offering ,000 more than what I owe on my Tampa, Florida, home (in the above picture) to refinance my mortgage. Yes, Seminole Heights made the national news for several weeks during the hunt for a serial killer last fall, but that was an aberration. But would it be wise to refinance my cute two-bedroom home for 15-30 years to get a financial windfall that I could spend however I wanted?If you are considering refinancing your home and adding in extra to cover credit card debt, experts say be careful which company you choose.If you have received a solicitation from a lender, “what is in front of us tends to be what we act on,” Costanzo says.By refinancing your mortgage and taking extra money to cover your credit card debt, “you’re lumping in your unsecured debt with your assets,” says Thomas Nitzsche, spokesman for the nonprofit Money Management International. If you can’t pay your card balance, a lender generally cannot seize your assets.

Seek credit counseling: Credit counseling services also can help by developing a plan to erase your debt in 60 months, Nitzsche says.

Among those considerations: Does refinancing make sense, and are you aware of the danger of rolling unsecured credit card debt into your secured home loan?

“Every person has different things they’re looking for and what they want to get from it,” says Rebecca Costanzo, a senior vice president at Sun Trust Mortgage.

But she recommends talking to multiple lenders and making sure you find one who understands your goals.“A homeowner should select a lender that is upfront about the entire loan process, especially the requirements needed to get a loan, so there are no surprises,” says PK Parekh, vice president of home equity loans for Discover.“It’s also important to find a lender that will provide a streamlined process and keep the homeowner informed along the way,” Parekh says.

Consider home equity financing: If you have equity in your home, you might consider a home equity loan or home equity line of credit. Our 2018 poll found that it’s easy to get rid of credit card fees if you ask.

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Apply for a balance transfer credit cards: Balance transfer cards give you breathing room of a year or more to pay off your card debt with no interest, Nitzsche says.