Consolidating debt home equity line
We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.Contact a Fremont Bank loan officer to explore your home lending options, ask questions, or get started on an application.using home equity to pay off unsecured debt, and share your thoughts about this issue with us!You’ve spent the past few years being dumb with money. Your credit cards are maxed out, you’re living paycheck-to-paycheck, and you cannot see a way out.
Additional restrictions, limitations and exclusions may apply.
There are, however, a couple of ways to use home equity for other purposes: Traditionally, home equity loans (and lines of credit) have been used to fund property improvements such as remodels and additions.
Over the past decade, however, it has become fashionable to use this money for consumer spending. [Article Continued Below..] Robbing Peter to pay Paul Using home equity to pay off debt is an appealing option.
And if you fail to change the habits that led you into debt in the first place, you will likely accumulate even more debt in the long run. Despite these drawbacks, debt consolidation can be an excellent way to arrest the downward spiral and to take control of your finances.
My story I took out a home equity loan to pay off my credit cards.
The APR can change monthly, but will not vary above 18% APR, or below 2.99% APR for 1–4 family owner-occupied/second homes.