Consolidating debt home equity

Posted by / 06-Apr-2020 01:26

Consolidating debt home equity

This is because you’re borrowing against the equity in your home to obtain the line of credit.

HELOCs are often touted as a great vehicle for consolidating high-interest debt.

Dedicated Customer Service The process takes a few minutes.

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Your house is on the line – The most serious risk to using a HELOC to pay off your credit card debt is that, in doing so, you’re putting your house on the line.

If you don’t pay on your HELOC, you could get foreclosed on.

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» MORE: Our take on the best HELOC lenders For some homeowners, consolidating credit card debt with a low-interest HELOC makes sense. This means you’ll have to do some math to figure out if the up-front costs will be outweighed by the interest savings you’ll see in the long run.But what is a HELOC, and is it smart to use one to deal with your credit card debt?Take a look at the details below to decide if this option is right for you.This is because they have one major advantage: lower interest rates.Because HELOCs are secured by your home, their interest rates are significantly lower than credit cards.

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The amount of your credit line depends on how much equity you’ve built up in your home.