Consolidating debt to mortgage

So don’t use home equity unless you are very, very disciplined and did not acquire debt through financial mismanagement.

If you have any doubt at all about your ability to pay off your debt and stay out of trouble, get professional help.

And you can choose a fixed interest rate and a shorter term (anything from 5 to 30 years), so you are not using long-term financing to repay smaller amounts.

Most lenders are fairly comfortable loaning as much is 80 percent, and some will go even higher.

If you have a

Most lenders are fairly comfortable loaning as much is 80 percent, and some will go even higher.

If you have a $1,000 debt, and repay it over five years at 16 percent, the total interest cost will be $459.20. Alternatively, if you have a $1,000 debt at 4 percent, and repay over 30 years, the monthly payment will be just $4.77.

However, over 30 years, the total interest cost will be $717.20. We’re looking for not only a lower rate, but also a loan which is structured to our advantage.

In this example, the homeowner can borrow an additional $120,000 ($400,000 x 80 percent = $320,000. You have three options for using home equity to pay off more expensive debt: the cash-out refinance, the fixed second mortgage, and the home equity line of credit (HELOC).

Consider cash-out refinancing only if you can significantly improve on the terms of your current mortgage.

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Most lenders are fairly comfortable loaning as much is 80 percent, and some will go even higher.If you have a $1,000 debt, and repay it over five years at 16 percent, the total interest cost will be $459.20. Alternatively, if you have a $1,000 debt at 4 percent, and repay over 30 years, the monthly payment will be just $4.77.However, over 30 years, the total interest cost will be $717.20. We’re looking for not only a lower rate, but also a loan which is structured to our advantage.In this example, the homeowner can borrow an additional $120,000 ($400,000 x 80 percent = $320,000. You have three options for using home equity to pay off more expensive debt: the cash-out refinance, the fixed second mortgage, and the home equity line of credit (HELOC).Consider cash-out refinancing only if you can significantly improve on the terms of your current mortgage.

,000 debt, and repay it over five years at 16 percent, the total interest cost will be 9.20. Alternatively, if you have a

Most lenders are fairly comfortable loaning as much is 80 percent, and some will go even higher.

If you have a $1,000 debt, and repay it over five years at 16 percent, the total interest cost will be $459.20. Alternatively, if you have a $1,000 debt at 4 percent, and repay over 30 years, the monthly payment will be just $4.77.

However, over 30 years, the total interest cost will be $717.20. We’re looking for not only a lower rate, but also a loan which is structured to our advantage.

In this example, the homeowner can borrow an additional $120,000 ($400,000 x 80 percent = $320,000. You have three options for using home equity to pay off more expensive debt: the cash-out refinance, the fixed second mortgage, and the home equity line of credit (HELOC).

Consider cash-out refinancing only if you can significantly improve on the terms of your current mortgage.

||

Most lenders are fairly comfortable loaning as much is 80 percent, and some will go even higher.If you have a $1,000 debt, and repay it over five years at 16 percent, the total interest cost will be $459.20. Alternatively, if you have a $1,000 debt at 4 percent, and repay over 30 years, the monthly payment will be just $4.77.However, over 30 years, the total interest cost will be $717.20. We’re looking for not only a lower rate, but also a loan which is structured to our advantage.In this example, the homeowner can borrow an additional $120,000 ($400,000 x 80 percent = $320,000. You have three options for using home equity to pay off more expensive debt: the cash-out refinance, the fixed second mortgage, and the home equity line of credit (HELOC).Consider cash-out refinancing only if you can significantly improve on the terms of your current mortgage.

,000 debt at 4 percent, and repay over 30 years, the monthly payment will be just .77.

However, over 30 years, the total interest cost will be 7.20. We’re looking for not only a lower rate, but also a loan which is structured to our advantage.

In this example, the homeowner can borrow an additional 0,000 (0,000 x 80 percent = 0,000. You have three options for using home equity to pay off more expensive debt: the cash-out refinance, the fixed second mortgage, and the home equity line of credit (HELOC).

Consider cash-out refinancing only if you can significantly improve on the terms of your current mortgage.

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