All Forum Posts by: Jose Mena Diaz

Per a phone call I just had, they will. And the rate quoted over the phone is just over 5% for the first year and 1.5 over prime every year after. Which currently lands me at exactly that 5.5-8.5 range you're referring to. 

Increasing income and paying off the cards is definitely the goal but I'd like to consolidate them under one loan with a lower rate ASAP. 

Thank you all so much for your input and recommendations! I'm currently in the process of an application with a local bank. Let's see how it goes! 

Sure thing! Please send me a PM. 

Thank for the input, @Bradley Showalter! Thankfully I was able to secure a nice interest rate of 3.65 on my mortgage so I rather not refinance into a higher rate - they're about double what my current rate is at the moment.

The frustrating thing is that a lot of the flagship HELOC lenders require a FICO score of 680 and I'm about 20 points off at the moment.

Hey there, Bigger Pockets family! 

I'm currently a bit stressed because I'm facing higher credit card debt than I've ever had after remodeling our house and paying for our wedding (I know, I know, financing this is a rookie mistake). It's time for solutions. I've scolded myself about it plenty already. 

I'm in about $70k between different cards. My mortgage balance is just under $290k and the house is currently worth between $450-500k easily. Because of the current credit card utilization percentage, my FICO score dropped from above 800 to a 660. 

Would a HELOC be an advisable option to consolidate that credit card debt? If so, what are your lender recommendations?

Thanks in advance for your feedback!