Question by: Libby
My home is not paid off. I owe less than $ 10,000.00. I would like to get a consolidation loan for some unsecured loans, borrowing against my home for collateral, if I can. It’s not a fantastic house, but I know it is worth more than what I still owe on it. Is this a possibility, or should I just keep plugging away at my debt with monthly payments? Any ideas or suggestions would be helpful.
Best Answer:
Answer by michelob86
Two ways….
1) Look in the paper or those monthly catalogs of homes for sale around your neighborhood. Look for ones that are similar to your own home, and at their selling prices. That will give you a feel for your home’s worth.
2) Look up a professional appraiser, and they can determine your homes worth (for a small fee, of course).
I’d go with #1.
As for a loan, it’s up to you, but you are so close to paying off your mortgage, I’d keep going along with that and pay as much on your credit debt as possible. When you get through with the mortgage in a couple of years, if you still have debt, you can apply your mortgage payment amount to that.
Know better? Leave your own answer in the comments!
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