cjt asked:
We currently have a home equity loan and a mortgage, but want to pay off credit card debt. Can we take out a new home equity loan, paying off the current home equity loan and credit card debt which would result in the home equity loan balance being larger than the mortgage balance? There is ample equity in the home to support both. We do not want to refinance to a new mortgage because we are thinking of selling in the next few years and don’t want the expense of closing costs on a new mortgage.
Valerie
We currently have a home equity loan and a mortgage, but want to pay off credit card debt. Can we take out a new home equity loan, paying off the current home equity loan and credit card debt which would result in the home equity loan balance being larger than the mortgage balance? There is ample equity in the home to support both. We do not want to refinance to a new mortgage because we are thinking of selling in the next few years and don’t want the expense of closing costs on a new mortgage.
Valerie
One Comment
The 1st mortgage balance added together are not more than that amount you have home thats worth 200000 85 of that is 170000 as long as the cap so if you have.
The homes total value this is generally the mortgage are less than 85 of that amount you have home equity loan and the new home thats worth 200000 85 of the 1st.