Hi. I have my interim secret clearance and will be starting my new job on Monday. I do not have any credit issues but want to take some of my debt and pay it off with a home equity loan that I will apply for. Does anyone see any problems with any investigation process if I do this? This will actually help me and give me a better debt to income ratio. Thanks in advance.
No . . . this will be no problem.
No issue. It’s not the amount of debt or type. It’s whether you can be trusted to make payments on time.
Smart way (in a solid economy) to get a much lower interest rate and consolidate life bills. It is also far easier to watch and pay one bill monthly if you consolidate 10 or so bills into this one payment. Prior to the new tax year it was deductible if you itemized but now it is less attractive there as I believe you must only use those funds on capital improvements. Ed can you shine a light on that new tax issue?
A second mortgage or equity loan remains deductible but may end up not being claimed because of the new, higher, standard deduction.