A Refinance Option to Get Out of Debt – A Home Equity Loan

home equity loan and refinancing

Homeowners can take advantage of a home equity loan or refinance option to get out of a debt spiral by using the money to consolidate consumer debts. Using a home equity loan means that you take out money against the equity you’ve paid into your home based on the difference between the amount you owe on the mortgage and the current value of the home. For example, if you currently owe $200,000 on a home worth $300,000 at current market value, you’re eligible for $100,000 home equity loan. The two types of home equity loans include securing a second mortgage …

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