Manage Your Mortgage and HELOC TodayBy Debbie Wilson
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You've probably spent many long hours contemplating your retirement savings or financial investments, but have you considered your debt lately? Well, your debt, specifically your mortgage, deserves some attention from time to time. That said, what have you done to help lower your mortgage debt and free up cash for better things?
Is Your HELOC Worth It?Refinancing your current mortgage to obtain a lower interest rate may seem like a no-brainer choice, but with today's interest rates well off their lows, refinancing your HELOC might just be a better option. Originally HELOCs were a great way to get some extra cash for home improvement projects, college tuition, or medical expenses. Interest rates for HELOCs are pegged to the prime interest rate, however since that rate has doubled to a whopping 8%, you might want to consider other mortgage saving strategies.
Convert Your HELOC To A Conventional LoanIf paying off your HELOC has become a problem, you might be able to convert it to a conventional loan, one with a much smaller interest rate. Or, consider refinancing your HELOC and mortgage into one single loan, possibly saving thousands from the interest you currently pay on two separate loans.
Let A HELOC Work For YouWhile there's nothing like paying off your mortgage, it may not be your best financial option. If you're older, have poorly funded retirements, and currently pay a low interest rate, taking money out of your home in the form of a HELOC and reinvesting it might be a great way to enjoy big gains in your home's value and put your money to work for you at the same time!
About the Author
Debbie Wilson owns and operates a lakeside resort. Her previous experience includes profitability consulting for a national healthcare company. Debbie holds a B.A. in Business Management with a minor in Physical Education.
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