Tap Home Equity For Debt Consolidation

Double-digit interest rates on credit cards and other consumer loans can really eat into your monthly budget. The good news: a debt consolidation home equity loan can simplify your life and lower your payments. And because home loan interest is usually tax-deductible, you might save even more! (Please consult your tax advisor.)

Home Equity Loans

Home equity loans are loans based on the amount of available equity or value you have in your home, which can provide you with the cash you need to consolidate your debt. You get a fixed loan amount, which you receive in one lump sum. This type of loan can be a good choice for debt consolidation since it provides you the predictability of a fixed payment amount and schedule.

Home Equity Lines of Credit (HELOC)

Home equity lines of credit are similar to credit cards in their flexibility. You can borrow up to a set amount for a specific period of time, and are able to borrow, repay and borrow again according to your needs. This can be a good option for ongoing expenses like home improvements, but can also be used for debt consolidation. The payment varies depending on the current rate and amount borrowed.

The amount of equity you have in your home basically depends on the amount you still owe on your home loan and the fair market value of your home. You can tap into your available home equity to help consolidate your debt.

Countrywide Bank’s Full Spectrum Lending Division offers a wide array of refinance loans for debt consolidation with low monthly payments, fast approvals, common sense lending decisions and low application fees. Even if you've been told by other lenders you have "bad credit," don't let their lack of flexibility rob you of hope. A debt consolidation home equity loan might still be in reach! Call 1-800-909-8217. Loan Consultants are standing by to assist you.

Learn more about home equity loans.