Asked by Paul  |  Submitted December 03, 2016

I want to pay off credit card debt totaling about $20,000, would it be better to take out a second mortgage out, or refinance the current mortgage?

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  Answers  |  1

December 04, 2016

Hi Paul.
Can you elaborate on why you need to refinance rather than just pay off the debt?
If you are unable to pay off the debt, how much more debt through refinancing can you afford before you are able to pay the debt? Incurring more debt in addition to existing debt usually does not end well for the one incurring the debt. This is of particular concern for those with a fixed income. We need to dive deeper into the underlying problem before discussing possible solutions.

Feel free to contact us directly to discuss your situation in greater detail. No obligation.

It's not what you make; It's what you keep that determines your lifestyle.

Alexa or Joseph | 12.05.16 @ 01:18

We are facing the same situation, only we have someone that will rent to own... but we need our equity out of it to put on another house. There have been a lot of houses that's on the market but we have had to pass them up because we can't sell ours. What can we do to get out of this house and buy another one bigger is what we need.

Dave Bradley
Investment Manager (Financial Advisor) in North Charleston, SC | 12.05.16 @ 03:50

Hi Alexa or Joseph. There are many folks in this situation. we need to look at the bottom line. I have worked with some private investors that buy houses with cash. In general; a buyer has a lower equity number than a seller. There are valid reasons for this. No idea what a reasonable value is for your property. Shoot me a private message with the particulars and we can dive into this if you like. Have you spoken with any private real estate investors?

$commenter.renderDisplayableName() | 09.29.20 @ 14:17