Paying off my 2nd mortgage with a credit card balance transfere?
Hi – I bought my house 2 years ago with 100% financing, I did a 80/20 loan. Both loans are fixed the first at 6.5% and the 2nd at 9%. I got a statement in the mail from my credit card company (chase) stating I can do a balance transferee at 2.99% until the loan balance is paid off. So would it be a good idea to transfer my 2nd mortgage onto the credit card?
Thanks
Credit card interest is not deductible on your taxes, interest on a first or second mortgage IS deductible. I’ll let you do the math…
(By the way, if you are two minutes late on that 2.99% card, your interest rate will revert to somewhere close to 20%, and may do so “retroactively”…I would read the small print VERY carefully!)
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