Home Equity Loans for Leveraging
Credit Card Debt

Home equity loans can be powerful financial tools because they allow homeowners to leverage their credit card debts against the present and future value of their home. Borrowers can consolidate high rate loans and credit card debt into a home equity loan that is locked in with a fixed rate for the entire term of the loan. There is no better way for a homeowner to refinance their credit card debt than with a tax deductible equity loan from Nationwide Mortgage Loans. If you are a homeowner carrying more than $15,000 in credit card debt, we strongly recommend rolling the debt into a fixed rate loan immediately.

Home Equity Loans to the Rescue
By Kathy Neilsen

Credit card debt can be a beast. One day it seems tame and manageable, then, before you know it, your credit card debt is out of control. When your debts become more than you can handle there are alternatives that can save you money each month and preserve you excellent credit.

Homeowners with equity have the opportunity to leverage debt with a home equity loan.

A home equity loan is a secured 2nd mortgage that can be used for a number of situations including consolidating high interest or adjustable interest rate credit card balances, bill consolidation and cashing out their equity for other uses. A debt consolidation loan or a home equity loan can be an excellent alternative to high interest credit card debt and other personal debt.

Often, homeowners consider a second mortgage, as a way to reduce monthly payments and interest. This is most common when they realize they have accumulated more debt than they can handle. By consolidating bills and paying off adjustable and high interest rate credit cards homeowners have just one low easy payment to contend with each month.

Home equity loans are available for many uses, and will be based on several factors; the amount of equity you have in your home, your credit score and your ability to repay the loan. Although credit is one of the determining factors, often low credit scores will not rule a homeowner out. Determining the equity in your home will require an appraisal in one form or another, your credit rating will be verified through the three major credit agencies and financial documentation may be required to complete the loan process.

Home Equity Loans

  • Fixed Rate Home Equity
  • 15-30 Year Fixed Rate Loans
  • Cash Out Refinancing
  • Credit Card Consolidation
  • Eliminate Compounding Interest
  • Refinance Revolving Debts

A home equity loan can take on average between three and four weeks to complete and cooperation of the applicant will aid the loan process. Be prepared to provide additional or substantiating paperwork if needed. The appraisal will be completed once credit and financial documentation has been provided. Your loan representative will keep you apprised of the progress and contact you when your loan documents are ready for signatures and notarization. You can expect your funds to be available approximately one week after all loan documentation has been signed and returned.

Home equity loans are quick and a financially smart alternative to high balance credit cards and other personal debt. By leveraging you high balance credit cards and consolidating other bills you are taking one step closer to financial freedom.

Nationwide Home Equity Loan Spotlight

Fixed Rate Home Equity Loans
Fixed rate home equity loans have become the most common choice for homeowners seeking access to quick cash. These fixed rate loans enable borrowers to get money without requiring them to refinance their first mortgage. Borrowers can pay off high interest debts, refinance variable interest loans and get additional funds to finance home remodeling projects.

Also see options for Loans to Consolidate Revolving Interest Rates, Second Mortgages for Debt Consolidation and Cash Out Refinancing Home Equity Loans

 

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