Pay off mortgage with unsecured low APR loan? - misc.invest.financial-plan

Message from discussion Pay off mortgage with unsecured low APR loan?

HW \"Skip\" Weldon

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More options Oct 15 2002, 6:00 am

Newsgroups: misc.invest.financial-plan

From: "HW \"Skip\" Weldon" <skip5...@yahoo.com>

Date: Tue, 15 Oct 2002 04:55:14 CST

Local: Tues, Oct 15 2002 6:55 am

Subject: Pay off mortgage with unsecured low APR loan?

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The following post was cross-posted, which is contrary to our
moderated group's charter. Since the topic is appropriate here, the
poster new to the group and I had a few minutes <grin>, the post is
shown below in its entirety. I have corrected the headers. -HWW

To: misc-invest-financial-p...@moderators.isc.org
From: Ram Samudrala <r...@sp1.compbio.washington.edu>
Newsgroups: misc.invest.financial-plan
Subject: Value in paying off mortgage principal with unsecured low APR
loans?
Organization: Computational Genomics Group
Message-ID: <aofq7i$8f4$1@nntp6.u.washington.edu>

I get two kinds of unsecured loan offers these days: ones that let me
borrow money for 0% APR for about a year or 18 months, and ones that
have a low fixed APR (3.9%) until the loan is paid off.

Now I also have a mortgage at a rate of 6.125%. Is it worth paying off
the principal using these unsecured loans since it'll save me a great
deal in interest?

The issues that make me hesitant are carrying around large unsecured
loans, and also the tax benefits of having the mortgage loans.

--Ram

End post.

-HW "Skip" Weldon
Columbia, SC

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