Home Equity Loans for Consolidate Revolving Interest Rate

Debt Consolidation with a Fixed Rate Home Equity Loans
By Jennifer Frakes

Are you swimming in debt? Having trouble keeping track of your payments to various creditors? If so, then consolidating your debt by taking out a home equity loan, also called a second mortgage, may the answer for you.

Reduce Your Stress Level

There are many advantages to consolidating your debt into a home equity loan. The interest rates for home equity loans are traditionally much lower than those of credit cards, thus saving you a great deal of money in interest charges. In addition, you'll be making one payment to one lender, making your bills much easier to track and manage - giving you more time to spend with friends and family rather than sorting through a pile of bills each month.

The interest on your second mortgage may also be tax deductible, once again leaving you with more disposable income. And, a lower interest rate may allow you to pay off the balance more quickly than if you were making minimum payments on several different credit cards each month.

There are three options to choose from if you are considering using the equity in your home to consolidate debt. The first is a home equity loan, also called a second mortgage. Second mortgages are lump sum loans for a fixed period of time. According to Bankrate.com, these types of loans are usually repaid in shorter periods than first mortgages.

Home equity loans can reduce your stress by consolidating debt and high rate revolving interest!

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Most home equity loans are for a term of 15 years, but some are as short as 5 years. Others are more like first mortgages and have a 30-year repayment term. The second option to choose from is a home equity line of credit. This type of loan allows you to borrow money from the equity in your home the same way a credit card allows you to borrow money against your credit limit. The third alternative is cash-out refinancing. A cash-out refinance replaces your existing mortgage. In other words, you borrow more than you owe on your home and use the additional cash to pay off your debt.

While consolidating your debt can be a dream come true, you must remember that you are using your house as collateral. If you are unable for any reason to pay back the loan, you will lose your home. Always enter into the situation with your eyes open and do your research to find out what is right for you and your family.

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