Is now the time for me to refinance and consolidate by debt?

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Is now the time for me to refinance and consolidate by debt?

I would not unless you can refinance with a much lower interest rate. What you will be doing is taking a 10 year loan and turning it into a 30 year loan. You will be paying a lot more in interest over the years. Go to www.hsh.com to use the mortgage calculator to see how much more in interest you will be paying.

If you can get a better interest rate then just do you mortgage not the HELOC. Again, check the website.

Is now the time for me to refinance and consolidate by debt?

Refinancing is usually beset with rather large upfront cost, and is usually not justified unless you gain a significant long term advantage from reduced fixed interest rate.

I'm concerned that you had to borrow money for basic housing expense. Suggest that your monthly income is not enough for this house. Also, how do you know that your house is worth 200 K? Been a big decline in appraised value in the last few months due to the subprime mess.

Refinance and payoff only if doing so makes long term economic sense. Gotta go with your brain here, not just temporary stress relief.

Is now the time for me to refinance and consolidate by debt?

Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loan<!--allows you to condense your monthly payments into a single, simple bill, while lowering your interest rates and helping you pay down your debts more quickly and easily. It is also an essential tool in avoiding the much more serious step of declaring bankruptcy.

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Is now the time for me to refinance and consolidate by debt?

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