In a recent column, we addressed the issue of the deductibility of interest in an equity line of credit or second. the loan proceeds are used to pay for personal items, including college tuition,
A home equity line of credit can charge high interest, especially when compared to the introductory rates many credit card companies offer. Transferring the debt to one of those could save you some money. But it’s important to know the process before you get started to make sure it goes smoothly.
Credit card interest rates can be frightening. You may be paying 15 percent or even above 20 percent, depending on your card. If you take out a line of equity and pay off the credit card, although you pay fees to take out the loan, you almost certainly end up holding the debt at a lower interest rate – perhaps around 6 or 7 percent.
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The downside is that you can expect to attract less favorable terms on your home equity financing, and the financing will come at a higher cost. There are two main types of home equity finance, a home.
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If you have a home equity line of credit (HELOC), repayment is far different. It operates like a credit card – you draw from the line up to the line amount (just like the credit limit on your credit card). Typically, you’re only required to make interest payments during the draw period, which tends to be 10 to 15 years.
Take the home equity loan, for example. If you take out a home equity line of credit to pay off your $29,000 credit card debt, and then you pay the line of credit down to zero as quickly as possible, that’s great. Unfortunately, many people take out the home equity line of credit with just such good intentions.
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I took out a home equity loan to pay off my credit cards. In 1998, I had more than $16,000 in credit card debt. I applied for – and was granted – a home equity loan. I used this money to pay off my outstanding debt. I cut up my credit cards. When I was certain that my balances were paid in full, I cancelled the accounts.
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