Debt Consolidation Loans vs. Home Equity to Pay Off Debts. Taking out a loan isn’t the only way to consolidate debt. debt management plans provide the same benefits, one monthly payment with lower interest rates, all without the need to borrow money.
Your home equity increases as you pay off your mortgage and as your home goes up in value. You can use your home equity to get a loan or line of credit, which, like a debt consolidation mortgage, combines your debts into one payment. For home equity loans, the lender uses your home as security.
Reducing interest payments is the main advantage of debt consolidation using a home equity loan. If you owe $10,000 on your credit cards and your combined interest rate averages 20%, you would owe $2,000 a year in interest on the balance, assuming it didn’t change.
Either way, you will still be paying your debts, yet hopefully for a significantly lower interest rate. This can offer a huge savings in what you’d pay on interest over the life of the debt. Be aware that using your home to pay off debt can be very risky. If you can’t make the payments, then you will be at risk of foreclosure.
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Using home equity to consolidate debt can be a smart choice, but know the pros and cons. If you own a home, tapping your home equity instead of taking out a personal loan can be a smart choice.
However, you’ll likely pay a higher interest rate on that debt then if you use your home’s equity. In addition to the lower interest rates, another huge advantage mortgages have over paying the interest through the credit card itself or even a personal loan is the fact that mortgage interest is generally tax-deductible .
If your credit card balances are rising into the red zone, you may be considering a home equity line of credit to consolidate that high-interest debt. "Debt consolidation and home renovation are the two biggest reasons that consumers would take out a home equity line of credit," Mike Kinane, senior vice president of consumer lending at New.
Using low mortgage rates to consolidate debt. You’ve probably noticed how low mortgage rates have been during the past few years. The 30-year mortgage rate hit 3.31% in November 2012, the lowest.
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