Did you know that you can use your home equity to consolidate high interest rate loans and credit cards? Debt consolidation is a great way to save you money. It eliminates high interest debt and lowers your monthly payments.
Home equity loans can be an effective way to consolidate outstanding debt, reduce interest costs and monthly payments. It will put you on a path to becoming debt free.
The more equity you have in your home, the more funds that are available to you for debt consolidation.
A HELOC (Home Equity Line of Credit) can be advanced up to 65% appraised value of your Home. The interest payable is based on the outstanding amount so if you do not use it, there is no interest payable. You can also refinance your existing mortgage up to 80% of the appraised value by adding your high interest rate debt into your existing fixed rate or variable rate mortgage. A refinance may include a penalty if you are breaking your existing term. Penalties are normally the greater of 3 months interest or the Interest Rate Differential. You can also refinance at the end of your existing term to avoid any penalties.
Get pre-approved today and start your path to becoming debt free! Click on “Apply Now” to begin the application process or call Gitta @ 250-462-4482