Debt consolidating home equity finance Chat sexy skayp francais

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The Loan to Value ratio (mortgage value divided by property value) should not exceed 80% (or 90% with mortgage default insurance).

The primary bonus of a home equity loan is in its debt consolidation capabilities.

Let’s say you have regular mortgage payments at a low interest rate of 4% over five years; plus, you have credit card debt at a 20% rate.

By consolidating the two, a home equity loan will allow you to tackle your most pressing debt first – in this case the credit card debt.

Check out Bankrate’s pre-qualification flow to get the best personal loan rate for you.

If you’re a homeowner with strong credit and financial discipline, tapping your home equity could be a good debt consolidation option for you.

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