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  • we have $83k in savings. should we put down a full 20% down (75k) and use the rest for closing costs & establish HELOC for house repairs & emergency fund? we'll be left w/ $4k in credit card debt. the idea of comparing PMI vs. HELOC vs. rates is making my head spin!!! wwyd?

    7 replies [ Reply | Watch | Options ]
    05.31.08, 06:55 AM [ Flag ]

    • can you pay the CC debt $1K a month (get extra summer job, etc)?

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      05.31.08, 06:56 AM [ Flag | link to this post ]

    • PMI is only about $100 more per month. It's not the greatest thing to be paying and is not tax deductible. Maybe talk to your loan officer and get a 2nd mortgage to pay off your cc debt. Interest is tax deductible on that.

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      05.31.08, 07:23 AM [ Flag | link to this post ]

      • np: it actually is tax deductible now - part of the changes that were made last year

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        05.31.08, 07:30 AM [ Flag | link to this post ]

        • Then OP should go with whatever option gets her a better rate - putting the 20% down and getting HELOC or paying off cc debt now. The trick will be to NOT to get into cc debt again with home related purchases.

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          05.31.08, 07:34 AM [ Flag | link to this post ]

    • Take out the HELOC now when you are uchasing the home and it is easily avaiable. Often when you need it most, you can't get a HELOC. I would put down somewhere between $65k and $75k (at whichever number you are comfortable with) and use the HELOC to fund the difference, and then finance the mortgage at 80 percent. But no matter what, apply for the HELOC now.

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      05.31.08, 07:26 AM [ Flag | link to this post ]

    • put down 20%, take out extra to cover CC debt and maybe a little beyond that to cover other costs but at a lower interest rate then CC. Do not rack up and more CC debt.

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      05.31.08, 07:33 AM [ Flag | link to this post ]
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