Dgeneration
Solid State Member
- Messages
- 19
- Location
- USA
I paid a huge chunk on my mortgage which has 24 years left on it. I paid $70k of it off. I now only owe $10k and my mortgage interest rate is 6%. I was considering getting a 2 or 3 year personal loan to pay the house off now as I have excellent credit and utilize a lower interest rather than try to pay off the remaining $10k at 6% in that same period of time.
So an auto loan I'm looking at is only 3.09% interest for 2 or 3 year term. My other option is to say it's for home improvement which is 4.99%. Can I just lie and say it's for auto and use it to write my final mortgage check? Or is that money secured to only pay a dealership and doesn't go into my checking account?
My last personal loan was used to pay off my wife's CC debt but I told the bank that it was for home improvement. It didn't seem to matter but the interest rates they use are based on what you are going to do with it which seems kind of stupid if I can lie and use it for anything anyway.
So an auto loan I'm looking at is only 3.09% interest for 2 or 3 year term. My other option is to say it's for home improvement which is 4.99%. Can I just lie and say it's for auto and use it to write my final mortgage check? Or is that money secured to only pay a dealership and doesn't go into my checking account?
My last personal loan was used to pay off my wife's CC debt but I told the bank that it was for home improvement. It didn't seem to matter but the interest rates they use are based on what you are going to do with it which seems kind of stupid if I can lie and use it for anything anyway.