Getting The Most Out Of Debt Consolidation With A Home Equity Loan
Running into financial problems is never any fun. Hopefully, it won’t last long, either. One way to help you put an end to pressing bills (and possibly bill collectors) is to get a home equity loan. Consolidating your debts using a home equity loan is a great way to reduce your payments, get lower interest and even get some cash along with it. Here is how it works.
A home equity loan is the cash you can receive from the equity that has been built up over the years. This means that the longer you have lived in your house, and depending on what mortgage type you had, the more equity you have accumulated. You can easily calculate about how much equity you have in the house by subtracting the amount you still owe on your mortgage from the current value of your home. This gives you the total equity.
Go one more step and you will see how much you can actually get. Multiply the value of your home by .8, and then subtract your mortgage balance. This gives you the total amount of equity available to you – if you have good credit and have enough monthly income. Actually, the lender will...
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