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Consolidate Your Debt With a Home Equity Loan and Improve
Your Credit Score
A home equity loan is a loan based on the difference between
what your current home value is and what you currently owe on
your house. There are also mortgage companies that will loan a
little over the equity you have in your home. They can usually do
this safely because most homes appreciate in value over time.
If you have credit card debt at a high interest rate, or even
at an average rate, you may want to consider getting a home
equity loan to consolidate your credit card debt for a few
reasons.
1. Having the credit card, but not being maxed out, or
having the credit card paid off will boost your credit score. The
amounts you owe make up about 30% of your credit score, that
could be a huge difference if those accounts are paid off.
2. You can have a lower payment because of the lower
interest rate you can get with a home equity loan. If having a
lower payment helps you be able to make the payment on time, that
will boost your score tremendously.
3. Lowering your payment will lower your debt to income
ratio, which will help you when you go to get any other kind of
financing in the future.
4. A home equity loan is usually set for about 5 years
before it is paid off. Sometimes, making the minimum payments on
your credits will never pay them off.
As you can see, there are some great benefits to consolidating
your debt with a home equity loan. Its definitely something worth
considering if it will lower your rate and lower your
payment.
To view our list of recommended home equity lenders online,
visit this page: Recommended
Home Equity Line of Credit Lenders Online.
Carrie Reeder is the owner of ABC Loan Guide, an
informational website about various types of loans.
MORE RESOURCES updated Sun. May / 28 / 2023
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