Profile picture for cgreen6000

What can I do to get more (or better) quotes for my loan request ZR-GRHBRKV

I own my home outright and want to consolidate about 70000 in credit card debt.  My credit score is low but only because of my ratios.  I don't have any late payments.
  • May 07 2010 - Conyers
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Answers (4)

Profile picture for Diamond Funding

You are likely paying double the interest on your credit cards than the interest rate you could be paying on a mortgage. Just make sure you have the discipline to not run up your credit card balances after paying them off with a mortgages.

Double up the payments and have a plan for when you will have not any mortgage and credit card debt. Stick to the plan.
  • May 12 2010
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I agree with keeping your property paid off but a financial advisor (which I am not) will tell you to consolidate your debt into your home if you are able to write off the interest.  They will also tell you to get rid of the credit cards and pay your house off as soon as possible.  However, that was not the question you asked.  If you are trying to get better quotes, you will need to understand that there are extra costs associated with loan amounts under $100K.  Your problem isn't the quotes; it is the size of your loan.  There may be some other issues that I do not know about since I have not seen your quote.  Rates have recently dropped over the last couple of days so, you may want to put your loan request out there again and see if you get better responses than you did the last time.  I am willing to bet you will!  Best of luck on your search.
  • May 12 2010
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Don't do it! You have managed to own your home free and clear with no worry of a mortgage payment, just taxes and insurance. I would find another way to pay these debts off.
  • May 07 2010
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While pulling money out of your home to pay off credit card debt may be tempting given the low interest rates, it would be a financially irresponsible thing to do, especially given the amount of unsecured debt you have and the fact that your 4 unit home is already paid off. 

The last thing you want to do is make unsecured debt, secured debt and stretch it over 15 to 30 years. Your 617 credit score will hopefully make it difficult, (but not impossible) for you to accomplish this because I truly believe it would be a huge mistake to move forward. 

Find another way to pay down the debt, do not do it by attaching the debt to your property.
  • May 07 2010
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