[berlinsmommy]

Maybe we just need to start a finance forum. I know FW has one, but there is SOOOOOO much info there and if I ask a question I'm sure to get flamed. Here it goes:

I have some credit card debt that I need to get rid of, and DH has a student loan that is obscene (over 7%!!). We consolidated the loan because we had to to get this house, and from everything I've read, we have no other way to lower the rate since we already consolidated and locked. This loan has a balance of about $25k.

We have a VA loan on our house and we currently owe $169k. I just got our tax appraisal, and it is $198k, and in this area the tax appraisals are usually low, the house would probably appraise/sell for around $210k.

I would be willing to do either a HELOC or a Home Equity loan, but I was leaning towards a HELOC because if I couldn't get the credit cards and the student loan on it, in the future as I paid down the HELOC I could transfer over more debt. I'm also a little nervous about going 100% LTV on the house, I don't want to be upside down in it in case we ever did have to sell or move. I'd initially like to borrow about $20k against the house (but I'm okay with having my HELOC be 100% LTV, I just wouldn't charge it up that high).

We do have good credit, no repos, forclosures, collections, or anything like that. I probably have a few (1-3??) 30 day lates on there, but I may not have any, but our debt to income ratio stinks right now, I don't go back to work full-time until October.

What do you guys think?? Rates are really good and since the house is collateral should I try to do something now? Should I wait until I work full-time? Should I do a HELOC or a Home Equity loan? If so, where should I look for the best rate/fee combo for my situation????