Should I take a home equity loan to pay off the 17,000 in medical bills I have?
Tags:amount of money, home equity loan, interest rates, medical bills, right time,
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I got these healing bills from the new operation as well as the causing the outrageous monetary aria upon me. we have sufficient to live comfortably, though not sufficient to live absolutely as well as compensate this implausible volume of income each month. we am only wondering, given seductiveness rates have been so low right now, is it the right time to take out the home equity loan?
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Why would you transfer an unsecured debt into something that could result in the loss of your home if you default?
A payment is a payment. Make the payment to the hospital, not to your mortgage lendor.
Very likely. Talk to your banker, and compare the rates he quotes against whatever rates the hospital wants in finance charges.
I am completely against HomeEquity Loans because if you can’t pay that bill they have every right to foreclose on your home. I don’t ever want to use up the equity I have invested in my home… That’s the only major purchase where I actually make money from it. So my vote is don’t do that…especially when it won’t increase the value of your home…such as a remodel, etc.
How big are the bills? If you just need a small amount of money, I suggest that you apply for a home equity credit line instead of a loan so that you will have to pay interest for only the amount that you actually spend.
Source: http://hubpages.com/hub/Home-Improvement-grants-and-loans