Which is better - add 1 year to my mortgage and refinance or get a personal loan to pay off credit cards?

Asked by rick

1 Answer

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Answered by Justin Clark, Mortgage Broker in Moreno Valley, CA
How much are you borrowing? If you're only going to need $8,000-$10,000 then most lenders won't do a refinance because it'll cost you half as much in fees, which would make it "predatory lending". If you are going to need about $20,000+ and can get a lower rate and lower your monthly payment, then by all means you should refinance. You also need to make sure you have enough equity built up in the property. A conventional refinance will only let you take up to 80% loan to value. So just look at your situation and talk to a lender and they should point you in the right direction as long as they're not shady. | 12.31.15 @ 17:26
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 06:26
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Answered by

Justin Clark
Justin Clark, Mortgage Broker in Moreno Valley, CA

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