Get debt help & debt relief with a free debt consolidation program.
Consumer credit counseling services offer free credit counseling.
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Use credit counseling services to consolidate debt & be debt free.
Get debt help & debt relief with a free debt consolidation program. Consumer credit counseling services offer free credit counseling. |
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Credit counseling will help you get out of debt |
Using your home equity to consolidate debtUsing your Home's Equity to Consolidate DebtDid you know your home could help you to consolidate debt? Depending on your financial goals, tapping in to your home's equity might be just the thing to do if you want to:
There are a few different ways to access the equity in your home. You can refinance and take cash out. With today's current interest rates this is an attractive option (especially if you're paying more than 7.5% interest on your current mortgage). Refinancing with a no points loan would allow you to drop your payment and pull money out with out any expense. For example, let's say your home is currently worth $200,000 and you owe $120,000 (which is 60 percent Loan - to - Value). You could still access up to $40,000 worth of home equity at a cost of approximately 7.5%, and because your LTV is still under 80%, you won't have to pay mortgage insurance. Talk to your lender to find out the interest rate you qualify for and pay off credit cards that are costing you 10 - 21%. It costs nothing and you save money. To consolidate debt does not reduce the amount you owe. Instead, it lowers the interest rate you pay. You will still need to keep your debt low, and if you have extra money, save it, invest it, or pay off your mortgage early. If you already have a great rate and just want to utilize some of the equity in your home, get a home equity loan and borrow only the amount you need to access. Typically interest rates for a home equity loan are a little higher than your first mortgage because it is higher risk for the lender. If something was to happen and both mortgages couldn't be paid off, the first mortgage would be paid first. Any remaining money would be used to pay the lender for the second mortgage. Your lender can help you decide what loan type is best for you. As always, especially if you have additional questions, discuss your situation with your financial or tax advisor to determine if a debt consolidation loan is right for you. |
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