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What is home equity loan debt consolidation?

Home equity loan debt consolidation is a debt consolidation loan that is secured against your home. With this type of loan, you convert the equity in your home into cash to pay off your current high-interest debts. In doing so, you will reduce your monthly payments and lower your interest rates. This enables you to get out of debt faster. Home equity loan debt consolidation may also be referred to as a second mortgage.

How do I apply for home equity loan debt consolidation?

You can apply for home equity loan debt consolidation by filling out our free online application. We will ask you for some basic contact and debt information, and then supply you with a free quote on home equity loan debt consolidation. The application will take you only a few minutes to fill out. Our quotes are free of charge and no-obligation.

What is home equity?

Home equity refers to the current value of your home less the amount you owe on your mortgage. The simple formula for equity is appraised value minus debt. To determine your home equity, you will need to have a current appraisal of value on your home and the outstanding balance on your current mortgage. For example, if your home is worth $150,000 and you owe $100,000 on your mortgage, your home equity would be $50,000. This means you would be eligible for home equity loan debt consolidation of up to $50,000.

Is home equity loan debt consolidation right for me?

It is fairly easy to qualify for home equity loan debt consolidation. You will need to be a homeowner with positive equity in your home, meaning you owe less on your home than it is worth. Ideally, you will also have at least $5,000 of high-interest debt. Home equity loan debt consolidation is most helpful for people with many, high-interest debts who want to reduce their monthly payments.

What are the benefits of home equity loan debt consolidation over other types of consolidation loans?

Home equity loan debt consolidation offers the lowest interest rates of all consolidation loans because the loan is secured against your home. A secured loan represents less of a lending risk, which means you will enjoy lower rates. The disadvantage to home equity loan debt consolidation is that, if you fall behind on your payments, you might lose your home. Only consider home equity loan debt consolidation if you know you are disciplined enough to make the monthly payments consistently.

Why should I apply for home equity loan debt consolidation?

Home equity loan debt consolidation can help you lower your interest rates, reduce your monthly payments, and get out of debt faster. You will also enjoy the convenience of one monthly payment instead of dozens of payments to many creditors.

Please check out the next page for advice on how to stay out of debt for good.