If you’re struggling to manage credit card bills, car loans, student loans and other debt payments each month, perhaps you’ve considered cashing in on some of the equity in your home to consolidate those debts into one monthly payment with a low interest rate?
I don’t miss much about living in Phoenix – 117 degree summers just aren’t for me – but I do miss being a quick car trip away from San Diego. We rented the same cottage in Ocean Beach every time we went. As we strolled a couple blocks to the beach or ate the bestburgers and onion rings at Hodad’s, I would fantasize about buying a tiny little house in Ocean Beach and writing with the sight, smells and sounds of the ocean just outside my window.
Somehow I wound up moving to the only triple landlocked state in the U.S. instead. Funny how life works.
One of the things I like most about writing about personal finance topics is getting the chance to learn things I didn’t know previously. I’ve bought three homes over the years while I noted that my lenders provided both an interest rate and an APR, I never asked about the difference between those two numbers.
Recently, I had the chance to answer that question for Lending Tree. It made me wish I could go back in time and take a closer look when I bought my mortgage!