1 result for tag: Home Loan


What Is the Smartest Way to Pay Off a Debt?

By RONDA KAYSEN MAY 27, 2017 Q. My wife took out a $30,000 personal loan from a colleague whom she would like to pay back now. To get the funds, we could either refinance the mortgage on our co-op in Jackson Heights, Queens, or take out a home equity line of credit. Given the current mortgage rates, which would be the wiser option? A. Many homeowners look to the equity in their homes to pay for things like home improvements or college tuition, or to pay off credit card debt. You can tap that equity by refinancing your mortgage or opening a home equity line of credit (often referred to as a Heloc), which works something like a credit card, ...