Should I tap into home equity?
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Should I tap into home equity?
| Thu, 11-18-2004 - 5:25pm |
I have a NJ co-op (not a condo or home) which means that I cannot get a home equity loan. Instead, to tap my equity, I need to refinance in all.
My dilemma is that I currently owe $10K in high interest credit cards and seriously am considering refinancing my home and taking out an extra 10K. The problem is that closing costs in and of itself, would be about $5,000. I feel it's stupid to $5,000 just to get $10,000 out of it. But it's so tempting with the lower interest and lower payment.
I'm not that mathematical a person, so I don't know what would be best?

All my best,
Danni
Thank you! You make such a valid point, I can't believe I never looked at it that way.
I'll stick to my cards the way they are, and try to pay them down, or get a lower rate elsewhere- good point!
Thanks!
All my best,
Danni