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solsurf
Joined: 31 May 2007
Posts: 1
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| Posted: Thu May 31, 2007 5:29 pm Post subject: Conv Loan vs ELOC payoff? |
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| In order to purchase my home, I had to take out 2 loans, 80/20%. 80% was a conventional and 20% was an ELOC. Both are fixed at 5.2%/7.5%. I am currently trying to payoff my ELOC first. And not paying any extra on the conventional loan. Is this the best thing to do? |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Tue Jun 05, 2007 7:12 pm Post subject: |
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| If you mean is it better to pay off the higher rate loan before paying off the lower rate loan, then yes. Is it necessarily the best? That's debateable. You'd really need to consult a financial advisor to get the best information possible for that one. |
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hsosa
Joined: 23 Sep 2007
Posts: 7
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| Posted: Sun Sep 23, 2007 7:20 pm Post subject: |
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| You must have excellent credit to pull those rates. paying of the eloc is most benefecial. although if your in in high income bracket you probaly need the interest deduction on the eloc. damm who is your lender? |
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rationale
Joined: 08 Jan 2008
Posts: 12
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| Posted: Wed Aug 06, 2008 8:11 pm Post subject: |
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| What's an ELOC? |
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