2 results for tag: Interest rate

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, ...

The Party is Over for the Lowest Mortgage Interest Rates

If anybody is in the middle of the mortgage process now, either refinancing or purchasing a home, you are probably aware that the mortgage rates have increased dramatically (i.e. .25-.5%) since mid-April. If you are not aware, then you certainly are not working with me or anybody else who is watching out for your best interests. For everybody else, you will know soon since the newspapers are very good at writing stories about interest rates (either up or down) when it is already "Old News." The "new normal" is likely going to be interest rates in the low to mid 4s for the short term and probably upper 4s by the end of the ...