Consolidating your debts into one easy to manage loan helps you save money while paying off your debt. With a low interest loan, it is possible to cut your repayment schedule by years, just by paying the same amount you are now. There are several lending options when consolidating debt. So whether or not you own property, you can trade in your high interest accounts for a low rate loan.
Using Your Homes Equity For Collateral
For the best rates, tap into your homes equity. You have several options for using your equity. One choice is to refinance your entire mortgage and cash out a portion of your equity as well. This will save you money on application fees if you have already been thinking about refinance your mortgage. You will also get lower rates on your cash out.
The other choice is to apply for a second mortgage or line of credit. Both of these allow you to keep your original low rate mortgage while accessing your equity. Application and miscellaneous fees are relatively small. And rates are near conventional levels.
Getting Help With A Personal Loan
For those without property to act as collateral, you can choose a personal loan to reduce...
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