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Personal Loan w/ Lien

 
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swilly
Soul Rider
Soul Rider


Joined: 06 Sep 2005
Posts: 362
City: Eugene

PostPosted: Sep 12, 2007 7:10 pm    Post subject: Personal Loan w/ Lien Reply with quote

I have a very high interest personal loan right now and I have the opportunity to get a better rate but they want to put a lien on the home.

I have 100% confidence in paying off the loan in a 24 month period of time and it would have to be some crazy something that would make me default on my loan.

My question is, is this an okay thing to do? I'm also looking to try and refi my house in May of 2008, will this lien affect my opportunity?
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jjaszkow
Wakeboarder.Commie
Wakeboarder.Commie


Joined: 25 Jul 2006
Posts: 2124
City: Some Airport

PostPosted: Oct 23, 2007 10:52 am    Post subject: Reply with quote

It might. Credit checks related to loan qualification often negatively affect your credit score.

I am not sure what sort of dollar amounts you are looking at here, but is there a reason you are waiting until May 2008 to refi? I normally would be VERY wary about taking cash out of the house, but have you ever considered doing your refi now and doing a cash out refi to pay off your debt? Then you could sink the same amount that you currently are paying on the 24 month payoff period into your mortgage and be that far ahead. Sure your house payments will be higher, but unless we are talking about a huge personal loan, it probably won't have that much of an effect.

After you've reached the end of the 24 month period, don't reduce your extra house payments and you'll reduce the term of your loan quite a bit.
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