Debt Consolidation: How To Use Home Equity To Consolidate Your Debt

Debt Consolidation: How To Use Home Equity To Consolidate Your Debt

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.

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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.

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.

10 bargain cities where you can get a mortgage for under $1,000 The average household with credit card debt pays $1,292 in ­interest a year, according to NerdWallet. A balance transfer can give you a year of 0% APR to help you catch up. 4. Boost your credit score. Doing it in a year won’t be easy, but you can get there, says Greg McBride, chief ­financial analyst at Bankrate.

Debt consolidation solutions may lower your interest rate, which can help you save money on interest, lower your monthly payments, and pay down debt faster.. Using the equity in your home, consolidate or refinance debt with no cash required at closing and low fixed interest rates.

Home Equity Debt Consolidation Loan Calculator This calculator is designed to help determine whether using equity in your home to consolidate debt is right for you. Enter your credit cards, installment loans and any other debt you wish to consolidate by clicking on the ‘Enter Data’ button for each category.

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.

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.

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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.

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