Profile picture for keruss945

What is thebest way to consolidate our payments into a lower monthly total?

We are looking to refinance our mortgage or consolidate our home equity line & a few other smaller outstanding loans into one monthly payment. We have been told we can either refinance our mortgage or roll all of them into a home equity loan. What is the best bet to be our best option?
  • December 13 2011 - Zionsville
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Answers (2)

Profile picture for GMerino
I agree with Hamp, obtaining a HELOC is tough.  I know a few banks that will go upto 90% loan to value.  

Usually, the HELOC is a good loan because it is a line of credit that will allow you to borrow only the amount of money you actually need. 

Geofrey Merino
  • December 13 2011
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There are no good odds, these days, on either bet. We're going to have to know how much you owe on your house. How much other debt are you talking about? Break it down into credit types. Auto Loans, Credit cards, Student loans etc... Your current rate on your Mortgage? Credit score?

Generally speaking, if you have enough equity, rolling all debt into a new first mortgage, usually gives best results. HELOC's are hard to obtain these days.
  • December 13 2011
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