Thanks upfront for anything you can contribute to the situation!
I'd like to figure out the best way to refinance my debt. I'm thinking about getting a HELOC on the house, we bought it for $81,000 and owe around $76,000 now. The market has gone up since 2011, the avg house in our area is selling for around $70 a sq ft. We have 1450 sq ft, which puts the value at $101,500 or so. The house needs some work, but we're willing to do some minor repairs to get the price up if the HELOC is the way to go. I'm not sure if I should get the loan, or the line of credit. Here's the link for both -
https://www.msufcu.org/personal/loans/?expand=helocs,fixed_home_equity#fixed_home_equityI'm thinking that the APR will be around 7%, though PNC shows the rate for $25k at 5.25%. Either way, I would throw it at the 10.5 and the 9.75% interest rate loans.
Here's the debt:
$6800 @ 10.5%
$23000 @ $9.75%
$13,425 @8.25%
$4,138 @ 7.25%
$11,186 @ 6.55%
$13,777 @ 6.8%
$8000 @ 6.8%
$2939 @ 6.8%
$3033 @ 6.8%
$5,400 @ 5.25%
$1774 @ 4.75%
$5117 @ 4.75%
$7,897 @ 4.75%
$7866 @ 4%
these are all student loans, most are private. I've posted a case study earlier and got tons of great advice on cutting back expenses to hit the debt harder. But we make around $60,000 a year before taxes and we have 2 kids. So we know this is going to be a long process. The other tools MMM ambassadors recommended:
https://www.pave.com/https://www.sofi.com/My personal credit score is 698. It was 729 in Dec. I took a hit trying to sign up for Sam's Club CC Offer to save $40. Bad idea. I'm thinking I should wait for it to come back up to 700+ before applying to anything.
My wife's score is 593. I'm not sure if that comes into play, the house is completely in my name and I'd like the new loan to be just so that we can get lower rates.
So, what do you think? I really just need help getting the process started and help deciding which way to go. HELOC, pave, sofi or something else?