Q&A: Keep 2nd Mortgage or transfer it to credit card?

Question by Customer: Keep 2nd Mortgage or transfer it to credit card?
I have a 2nd mortgage of approximately $ 3,400. The interest is almost 8% and I have approximately 16 years left to pay on it. I know I would lose the tax write off, but would it be wise to transfer to balance to a credit card with a lower rate. My goal is to have it paid off within 2 years. I’d like to refinance my 1st mortgage to a lower rate and cannot do so due to the stipulations of the 2nd mortgage.

Best answer:

Answer by Rob
3400$ and 18years to pay? nope sell some stuff ,
deliver pizzas or newspapers and have it paid in
5 months.
moving it to credit cards does not change the
disease, the 5 less taxes will not help.

visit dave ramsey.com to learn from others
hard costly life lessons so u do not pay it.

Know better? Leave your own answer in the comments!

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One Response to Q&A: Keep 2nd Mortgage or transfer it to credit card?

  1. Bills.com says:

    In your case, transferring your 2nd mortgage to your credit card is a good idea. Not only will you will save money on your $ 3400 loan, but you will allow yourself the opportunity to refinance at today’s low rates.

    If you want to pay off the credit card in two years, then you will need to make monthly payments of about $ 150. (Balance transfers generally have high fees. Shop around and make sure that there are no teaser clauses).

    Before doing your transfer, check with the mortgage lender about the timing of your credit card transfer. The transfer may affect you credit score because you are applying for new credit and your credit utilization may be affected. Also, monitor your credit report and your credit score before looking for a new loan. For more information about qualifying for a refinance home loan read the Bills.com article http://www.bills.com/qualifying-for-a-home-refinance-loan/ .

    I recommend that you:
    1. shop around for a credit card balance transfer deal
    2. shop around for a good refinance rate. You can see today’s mortgage rates at http://www.bills.com/mortgage-rates.

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