Reply to I need about $20k to get us through a layoff-home equity loan?

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Reply to "I need about $20k to get us through a layoff-home equity loan?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Could you potentially refinance and cash out? I doubt your monthly would even go down much since interest rates are much higher.[/quote]

Op here. This would nearly triple my mortgage. I will never refinance or sell my house because of the interest rate. We would move out and rent it before we’d even consider refinancing or selling.[/quote]

DP.  Obviously none of us have a full understanding of your finances, but it sounds like the home purchase occurred before the expensive, complex childcare costs began, right?  What is your long term plan for affording both the mortgage and ongoing childcare/medical expenses while saving for emergency, retirement, etc.?  I know those low interest rates are hard to give up, but from what little you told us it doesn't sound like you can afford everything.

But as for the quick cash, you've been given multiple suggestions for how to come up with it.  There's no pain-free answer, they all have costs.[/quote]

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