What are the long term plans for your home?
How much are you trying to pay off vs what is your equity?
More Info Needed.
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As to your individual situation, you as I stated should speak with your accountant. The time value of money is an important concept. That means borrowing money today and paying it off with future money that is not worth as much due to devaluation of the dollar.
Some important questions would be stability of your job, value of your home, equity in your home, stability of your neighborhood.
The first is the person who bought at the peak and have to sell for various circumstances
The second person is the one who constantly stripped the equity out of there house that may have bought in 1990's, but refinanced and took money out, to buy CARS and otherwise finance a lifestyle. Now they are losing their home. They really should be sitting on quite a bit of equity in their homes.
I am sorry but I think you should only touch the equity in your house if, you ABSOLUTELY need the money for:
You need to use the money to maintain your home (ie-roof, furnace, etc.....)
But actually it is not a bad idea at all.
You are able to write off the interest in your home loan, but not your auto (unless you use your car for business and then its already a write off)
Your payments will be lower, but also for a longer time.
Your home is more likely to appreciate than your car.
I would still ask your accountant.
Like to hear the others thoughts on this.
Why would you refinance an auto loan for 30 years.... That is essentially what you are doing. What ever term loan you are refinancing for is how long it will take you to technically pay off the car. Your car what might last 10 years if your lucky!!
So now you have a vehicle that doesn't run anymore that you are still paying on?
Licensed Mortgage Planner
Regency Mortgage Corp
Rates are fairly low right now and if you have not taken advantage of them, perhaps it could make sense. If you dont have a financial planner to bounce a question like this off of, then perhaps it time to find one.