Can you borrow your way out of debt with a home equity loan?

Credit isn't the best in the world there is about 200,000 equity on my house my mortgage is for 100,000 . House payments are up to date and owe 2,000 in credit card and doctor bills. My salary just barely pays mortgage and utilities.No loan companys please.

Can you borrow your way out of debt with a home equity loan?

The way you phrased your question sounds like an oxymoron. But to answer your question the best that I can, call the mortgage lender and ask them if they will increase the amount of the mortgage by say $3,000. Chances are that they will be delighted to do so unless it is a very low interest rate on the loan. If they will not do so, they most likely will make another accomodation for you at a somewhat higher interest rate.

Can you borrow your way out of debt with a home equity loan?

home equity loans sometimes can create bigger problems. I would only do it if it became necessary but you will have to be able to afford to make the payments or goodbye house.Right now you do not seem to need it

Can you borrow your way out of debt with a home equity loan?

No such thing !!! You will not be borrowing to get out of debt... You will borrow to simply transfer debt.

If it will make you feel at ease more by transferring this debt then go for it. Otherwise cut back on things and pay that $2000 off... that is NOT alot and YOU could have that paid off quite quickly if you kick it in gear and tighten the belt!!

Can you borrow your way out of debt with a home equity loan?

If your boss gave you the choice of being fired or taking a 15% paycut, you'd probably take the paycut and find a way to manage...

Give YOURSELF a 15% paycut, send it straight to your debt, cut up the cards.

While getting an equity line might SEEM like a good idea, you will probably just end up with a much bigger debt that you are struggling with. You said yourself your credit is not that good, which means you have a history of %26quot;less than ideal%26quot; financial behaviour.

$2000 is still small enough to wrestle with and win, if you got an equity line you'd soon be in way over your head, is my guess!

Best wishes...

Can you borrow your way out of debt with a home equity loan?

Two grand isn't much at all. There must be SOME way you can raise that. What about a second job for a little while? If you make an extra hundred a week you can pay it off in a few months.

Got anything you can sell? What about a yardsale? Can you borrow it from a friend and pay them back? If the money is owed to a friend you'd have a tendancy to pay it back quicker and there would be no interest. Sounds like you're in a better position than most. Why not just make the payments on what you owe and eventually wipe it out? You should be able to handle this, I think you will.

Can you borrow your way out of debt with a home equity loan?

You're in over your head already if you barely make the mortgage payment. How could taking on MORE debt possibly solve your problem?? With that equity, $2,000 in unsecured debt is a pee-hole in the snow, my friend!

If I were in your situation, I'd be trading down the house not taking on more debt. Depending on where you are, you could arguably sell out and replace it for cash with your equity and have NO debt what so ever. You'll probably have to settle for a little less house and maybe commute a few more miles but owning your home free and clear should be an ENORMOUS incentive in your situation.

Can you borrow your way out of debt with a home equity loan?

Only 2000 dollars?!? Come on now, you have to finance your budget! Also, save some power, don't use too much electricity. sell something off ebay.

Can you borrow your way out of debt with a home equity loan?

Yes you can borrow your way out of debt with a home equity loan. That is good that there is that much equity in your house. If you could get a loan to pay off your debt and your mortgage, then you would have only one bill. What you want to do is get a low interest rate that is fixed. Try www.homeloanbank.com

Hope I could help

Can you borrow your way out of debt with a home equity loan?

You might pay a lower interest rate on the $2,000 if you do a home equity loan but make sure you consider the cost of the loan too.

Can you borrow your way out of debt with a home equity loan?

You can get a HELOC, but you'll have to pay that back too each month. Better to cut out spending too much.

Can you borrow your way out of debt with a home equity loan?

You're situation doesn't sound bad to me. Be easiest to get a part time job and make a couple extra bucks every month. Instead of getting a home equity loan wherein they loan you the money and you immediate start paying interest on it, why not do a home equity line of credit. This way you have access to the money for emergencies, purchases etc, but you don't pay any interest until you use it, and only then on the amount you use. This will save you a load of money in interest and it's a nice safety net to have in place for free.