Debt Consolidation Loan Options For Home Owners

Countrywide Bank’s Full Spectrum Lending Division is proud to offer homeowners various options for debt consolidation, including refinancing and home equity loans or lines of credit, to help you meet your financial goals. We understand that there are many circumstances that lead people into debt, and we want to help you regain control of your finances by potentially lowering your monthly payments. Debt consolidation loans do just that by allowing you to combine your debt into one loan with a manageable payment. Call Countrywide and ask for our most-popular debt consolidation loan – the Combo Loan.

Home Equity Loan Options

Home equity loans are a type of second mortgages that allow you to use the available equity in your home to consolidate your debt. Equity is basically the difference between the amount you owe on your mortgage and the amount your home is currently worth. As you pay your mortgage principal balance down and your home’s value increases, equity builds.

With a regular home equity loan, you borrow a fixed amount over a set period of time, with fixed payments to repay the loan. It offers borrowers predictability.

A home equity line of credit (HELOC) is a type of equity loan that offers borrowers more flexibility. A HELOC is similar to a credit card, since you are allowed to borrow up to a set amount over a certain period of time and can draw funds from the line and repay the money as needed. It usually offers a lower interest rate than most credit cards, since it is secured by your home.

Learn more about home equity loans and lines of credit for debt consolidation.

Refinance Options:

Refinancing is another option for debt consolidation. A refinance loan allows you to potentially reduce your overall interest rate and monthly payments, while tapping into the available equity you have built in your home. When you refinance, you replace your existing mortgage with a new loan. With a cash-out refinance, you could potentially refinance for more than you currently owe on your home, and use the difference to consolidate your debt.

Learn more about debt consolidation refinance options.

Uncertain which debt consolidation loan would be best for a homeowner like yourself? Talk to a Countrywide Home Loan Consultant at 1-800-909-8217. They are eager to answer all of your questions and assist you in finding the best debt consolidation home equity loan, line of credit or refinancing option to meet your needs.

Next, get your questions answered about consolidating debt.