Debt Consolidation Loan For A Home Owner – 3 Things To Consider
If you want to consolidate your debt–and you own your own home–you’re in luck! If you’re willing to use your house as collateral, you have a lot of low-cost options for debt consolidation. Here are three loans to consider:
Second mortgage
A second mortgage is, essentially, another mortgage on a home that already carries a mortgage loan. The second mortgage takes a backseat to the first one, so it’s a bit riskier for lenders. Because of this additional risk, second mortgages usually carry shorter terms and higher interest rates. However, you can use the money you borrow from a second mortgage to consolidate your debt into one payment. And even though the interest rate is typically higher than your first mortgage, it’s usually still lower than the average credit card or personal loan rate.
Home Equity Loan
A home equity loan borrows a lump sum of money from the equity in your house–the value of your home minus the amount you currently owe on it. For example, if your house is valued at $250,000, and you currently owe $200,000 on your...
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