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Presently, my sister and I are purchasing a house together. We purchased the house in 1997 and at this time, there is not a lot of equity built up in the house. My sister is wanting to consolidate bills and has approached me with getting an equity loan. She suggests that we get $20,000, so that we can split the money between us. I must admit it would help to consolidate some of my bills with about $3,000 to put away. After speaking with our mortgage company, they say we would have no problem in securing such a loan and that all upfront fees would be placed back into the loan, so there would be no out of pocket fees for us. The loan would cost us $312/month for 10 years which we would split down the middle (14%). I guess my question is, is this a good situation to put ourselves in? Will this look negative on our credit? At this point, our credit is excellent. A fool in need of help!!!
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