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Old 12-16-2008, 07:41 PM
 
Location: Asheville, NC
12,321 posts, read 28,719,858 times
Reputation: 5073

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I'm selling my house now, so re-financing is not an option. I do have a home equity line of credit. The rate is down to 4.5%. My question is, would it make sense to take a large chunck off my mortgage and move it over there? My mortgage is 5.8% and I've had it almost 5 years. I can possibly lock the rate in on the home equity to become a fixed rate. Like I said, I'm selling, so this would only be temporary. Although, who knows how long it will take us to sell.
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Old 12-16-2008, 07:48 PM
 
Location: Seaford, Delaware
3,485 posts, read 18,344,329 times
Reputation: 2682
Why do that? Are you having problems paying the first? if so, go to the bank(lender) and get the rate fixed or adjusted to where you can afford it. Do not spread out your credit, that is amount owed to too many places. leave the home equity alone and work on getting your 1st fixed until you sell the house.
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Old 12-16-2008, 08:17 PM
 
Location: Orlando
105 posts, read 199,252 times
Reputation: 30
I agree with the first response. Also you will be most probably applying for a loan in North Carolina too. Correct me if I am wrong. So if you move your credit around too much right now it will probably affect your credit rating and that is a very fragile thing in the market now. The credit cards are charging more for their money and you don't want to mess with your credit score.

I am just guessing this is what is going on. And you are correct to question how long it will take to sell your house so price it very carefully.

You could rent the current house out and buy another if you can handle hiring a rental manager. Lot's of people are taking that route.

Good luck
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Old 12-16-2008, 09:55 PM
 
Location: Asheville, NC
12,321 posts, read 28,719,858 times
Reputation: 5073
It's not that I can't afford the current mortgage. I was just trying to save some $, maybe a $100 a month. I didn't think it would affect my credit rating. Both mortgages are the same company. We will most likely need a mortgage in NC.
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