Using home equity to consolidate debt

Do you think the value of refinancing is gone?

 

Equity is rising in many areas.  Rates may be off the lows but can still be an amazing bargain compared to consumer and installment rates. Total interest, total term and cash flow savings can be significant with the right plan.

 

Consolidating multiple debts into one home loan is not for everyone. For instance, using your equity to have the equivalent of a 30-year car loan is rarely a great idea. But it may work if you have the discipline to take advantage of a low rate to speed up—rather than slow down—payment terms.

 

Consolidation can make debts disappear with less total interest expense than they would otherwise.

 

Want to explore what a good consolidation plan could mean for you? Use our Debt Consolidation Calculator  to learn more.

2014-05-28T22:52:57+00:00 Categories: Credit|