This loan allows you to borrow based on the value of your home, minus the amount you still owe on your mortgage. Great for short-term, fixed expenses, like home renovations, vacations, or debt consolidation. This is possibly the most important investment of your life, and we want to make sure you make the right decisions every step of the way. Whether buying for the first time of refinancing, we can help you come up with several options. Tap into your home's value with at home equity loan or a home equity line of credit (HELOC) from Tampa Bay Federal Credit Union.Consolidating the two into a new, 15-year mortgage at 4.5 percent costs more per month, but less over the life of the loan.A ,000 credit card balance at 16 percent interest plus a 0,000 mortgage at 4.5 percent interest rack up 0,936 in interest payments over the life of the loans.
A ,000 credit card balance at 16 percent interest plus a 0,000 mortgage at 4.5 percent interest yield about ,480 in monthly payments.Consolidating the two into a new, 30-year mortgage at 4.5 percent saves about 4 a month.