Can I pay off a home equity loan with my credit card ( lower interest rates!)+ how do I do it?

I have an offer from a credit card co with a low interest rate, 2% lower than my home equity loan interest. I would love to get rid of the horrible 8. 75% home loan interest on $12,000. What to do?

This entry was posted by admin on May 26, 2010 at 6:18 pm, and is filed under Loans and Mortgages. Follow any responses to this post through RSS 2.0.You can leave a response or trackback from your own site.

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#1 written by Shala Rose 1 year ago

Hi
I saw your question I have decided to help people out due to the fact that I myself has been scammed twice by fake lenders in my search for a loan but at last I got a reliable lender that gave me the loan($60,000 USD) that I was in dire need of even with a bad credit. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email address james.wood83@yahoo.com

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#2 written by Koki M 1 year ago

Unless you can eliminate the 12 grand debt in 6 months you will be paying interest… Credit card might not be your best option in this case… try a credit union, which are known for offering better rates than average banks

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#3 written by donfletcheryh 1 year ago

The question has to depend on the contract for your home equity loan. You can get a convenience check from the credit card people to pay the equity loan if you have the right to pay it off. Some loans are for the whole period else you pay a penalty. When interest rates have gone down, many lenders will not be happy to let you pay off if your contract does not provide for that.

But beware. a sudden increase in the amount you have on your credit card can trigger an interest rate increase. Confirm that this will not be done before you do it.

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#4 written by bug2quilt 1 year ago

If your home equity loan can be paid without penalty (check out the terms of your loan), you can pay it off with your credit card. However, you need to read the fine print of your credit card offer to know if there are restrictions as to what type of loans you can pay off and still qualify for the low interest rate. Also, if it’s a new credit card offer you have to see if you can qualify for a $12,000 line of credit. There are so many variables, you really need to just read the fine print of the cc offer and call them with questions.

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#5 written by Sharon T 1 year ago

How long is that credit card rate good for? Bet it is less than a year. What are you going to do at the end of that time? Trouble ahead!!!!!!!!!!

Why don’t you look for a better home equity loan rate? In fact, you may be able to get the current lender to lower the rate with no cost. Contact them, tell them you are going to refinance the loan but want to give them the opportunity to keep your business at a lower rate.

I’ve done this twice before so it can happen.

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Can I pay off a home equity loan with my credit card ( lower interest rates!)+ how do I do it?

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