Consolidating debt with a home equity loan
If you are replacing your roof and fixing your plumbing and know exactly what they will cost upfront, then a home equity loan is likely a good fit. You pay interest only on the credit you use, often at rates several percentage points lower than average rates on credit cards. It is the homeowner's way of using their most obvious and treasured resource by liquidating a small part of it into usable cash that can benefit the whole family.
They require a set monthly payments for a fixed period of time where a borrower is lent a set amount of money upfront and then pays back a specific amount each month for the remainder of the loan. The rate you get depends on your credit history and income.
People with a fair credit score of to will typically be able to obtain credit, though at higher rates. Those with good credit of to will still be able to access credit, though typically not at the best rate. People with an excellent credit score of above will get the best rates. Take a look at the details below to decide if this option is right for you. We adhere to strict standards of editorial integrity.
Some lenders advertise loans with no closing costs, but they offset this lack of upfront fee by charging a higher interest rate on the loan. Generally during periods with low interest rates most homeowners choose fixed-rate loans.
You get a lump sum of money, often with closing costs taken out, which you can then use to pay off your debt or for any other purpose. Because you will be consolidating multiple debts into one, it only makes sense that you will need a longer period of payment time to bring the balance back down to zero. This is usually the cheapest option for those who qualify. It is not a solution for anyone by any means, and is perhaps best suited to those whose bills are truly driving them to the verge of inability to pay them within the allotted time frame. Some of the products we feature are from partners.
You can use the following map to explore offers from local lenders. Just be sure you can handle the risks involved. Since most people have a lot of their wealth not to mention security tied up in their homes, this is a very big deal. If you know you will pay your loan off quickly - before rates reset - then it may make sense to choose an adjustable rate option.
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