I currently have a HELOC with a variable APR currently at 11.5% with 50K on it and a few credit cards also at 11% with close to another 50k combined.
If I can find a bank or credit union that could offer a 100k home equity loan at a lower fixed interest rate, no closing costs or fee's etc is there any down side that I'm not seeing? TIA |
IF there are no costs, lower interest rate will help. However - based on the limited info provided- it looks like you have a spending problem and should be cautious of getting any more than you need to pay down existing debts. |
no, why cover an unsecured debt with a secured debt? The credit card company can't take your house if you don't pay but if you don't pay your heloc the bank can take your house. |
I'm in no threat of defaulting on anything, I just want to cut the interest as low as possible. |