Home Equity Loan

I have a consolidation loan which is at 19% and I will soon be purchasing a home, would it be a wise move.?

to transfer this balance to a credit card with a 2.99% or would that effect credit at time of purchasing my home. Any help will be greatly appreciated. Thanks

Public Comments

1. You bet! Its a great idea :)
2. Perhaps.
3. That is a much better rate. Contact your mortgage broker and ask them what they recommend. If you are buying the house within the next 60 days, you may want to hold off. Otherwise, it will save you a fortune and you should consider it. Just read all the fine print!
4. Wait until you are approved for the mortgage. The loan is not a revolving line of credit, like the credit card, and looks better on your credit bureau report. As soon as you are approved for the mortgage, then move the balance from the loan to the credit card. Or another (better) way is to borrow enough on the mortgage to pay off the loan debt and any other debt you may have altogether.
5. debt consolidation if someone wants to get out of debt today it is pretty easy with a debt consolidation plan however it may get a bit tricky at times, I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is: http://umgarticles.atspace.com/debt-consolidation.htm