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I currently have 2k a month in mortage, and high credit card balance (loss of income). My mortgage is at 3.7%, and I have an equity of about 60k in it.
Should I refinance to get rid of the PMI, hope for a low (between 2100/2500 month) payment, and take money out to pay of CCs (30k debt)?
Or go for a HELOC?
3rd option is move abroad for 6 months, which I can do without any rent expense, and pay cards off, while the mortgage is getting paid by renters?
Thanks for the comments.
PS: rental in my area is around 2600 a month.
PPS: Current scores at 710 across the board
Without knowing how much you owe on your mortgage pr the amount you are paying for PMI it's tough to give an accurate response, but if you refinance your interest rate will increase by at least 2%.
With 700+ scores you should be able to obtain a HELOC up to 90% of your home's value.
The 3rd option seems to save you the most money since you wouldn't have to take on any additional debt and can leave your current mortgage in place. If that is a realistic option you'd be interested in then I'd lean in that direction.
Your mortgage rate is low enough that refinancing will result in a substaintialy higher rate. That rate is semi-permanent and refinancing usually incurs a few thousand dollars in fees as well. 30k in credit card debt is a lot sure, but not obscenly high, and it sounds like you have an option to get the debt paid off quickly.
A HELOC is a decent option - the rate will definitely be lower than your credit cards, and then you'll have it there for use in the future too. Since you have a defined amount of debt, you could consider a home equity loan instead as they tend to be a full percentage point lower rate than HELOCs. Some places have promo rates for 6 months to a year. On the off chance you live in the DFW area, Hancock-Whitney bank has a 3% promo rate on their HELOC for 6 months and Mobility credit union has 4% for 6 months on theirs.
You could also try getting a personal loan. The rate will be a bit higher than HELOCs, but without using your home as collateral.
It sounds like you have some decent options already forming! Good luck!