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Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: Order of paying off?||Date: 10/18/2013 12:05 PM|
|Author: hrse||Number: 307364 of 310612|
AJ, this is gold! Thanks.
Is the $11k for the contracting net of taxes?
Yes, I already considered the taxes.
What is the value of your home?
Purchased for $156k in 2002; current value near $210k as assessed in 2010 when we refinanced the primary.
The refinance was with two banks different than BoA and BoA had to approve letting a newer loan be primary to their HELOC.
How old is the HELOC?
This was something I did not consider. However in looking at the loan documents I see:
Draw expiration date: 08/01/2017
I assume the HELOC is a variable rate loan?
It is variable, but I don't know what it is indexed to, nor what the cap is, but I do recall that there is a cap. However I don't see interest rates going up much from here, but that boarders on Economic/Political so I won't go any further on this board.
What are the minimum payments on each of your debts?