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A home equity loan is exactly as the name suggests – a loan secured against the equity in your home.
This type of loan is slightly different to a , which is a line of revolving credit with an adjustable interest rate. The loan amount is based on your mortgage value and the current value of your property.
Loan amounts vary with credit score and history, but generally top out at ,000.
While banks and credit unions offer personal loans, subprime lenders are also very active in this market so it’s important to shop carefully and understand rates, terms and fees.
Transferring your debt to one credit card, known as a credit card balance transfer, could help you save money on interest, and you’ll have to keep track of only one monthly payment.
With proper budgeting, and a steady income, making each and every mortgage payment on time and in full certainly sounds doable.Try adjusting the terms, loan types or rate until you find a debt consolidation plan that fits your goals and budget.Once you run the numbers, you’ll want to choose a method to consolidate your debt.Because a personal loan is unsecured, there are no assets at risk, making it a good option for a consolidation loan.However, be aware that a large, prime-rate loan requires good credit, and rates are typically higher for personal loans than for home equity loans.