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 Home Equity
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 Debt Consolidation

125 Home Equity Loans (No Equity Required!)

Are you looking for a low-simple interest, tax-deductible loan?

Do you want to purchase a home or payoff your high interest credit card debt?

Use resources for information about our home equity loans.

Using your Home's Equity to Consolidate Your Debt

Did you know your home could help you consolidate your debt? Depending on your financial goals, tapping in to your home's equity might be just the thing to do if you want to:

  • Eliminate compounding credit card bills
  • Lower your total payment amount
  • Make your debt tax deductible
  • Consolidate all of your bills into one low
    monthly payment.

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 new mortgage loan would allow you to drop your payment and pull money out with no money "out of pocket."

For example, If your home is currently worth $250,000 and you owe $200,000, you could still access up to $50,000 worth of home equity at a low fixed interest rate, and because your LTV is still under 100%.

A debt consolidation loan does not reduce the amount you owe. Instead, it reduces 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 loan 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.

Your lender can help you decide what home loan type is best for you. We recommend 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.


Valuable Resources

Loan Payment Calculators
Glossary of Loan Terms
Consolidating Your Debt

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