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Although you qualify for a set line amount you’ll only repay on the amount used.
A home equity line of credit is perfect for consolidating recurring loan payments, such as college bills and high interest credit cards.
A ,000 credit card balance at 16 percent interest plus a 0,000 mortgage at 4.5 percent interest yield about ,480 in monthly payments.
Consolidating the two into a new, 30-year mortgage at 4.5 percent saves about 4 a month.
Consolidating the two into a new, 15-year mortgage at 4.5 percent costs more per month, but less over the life of the loan.
Today's debt consolidation mortgages are more conservative than those seen during the housing boom, when lenders allowed homeowners to refinance and cash out as much as 110 percent of the value of their homes.Consolidating the two into a new, 30-year mortgage at 4.5 percent saves about ,642 in interest.Consolidating the two into a 15-year mortgage at 4.5 percent saves almost 0,000 more.Those with enough equity in their homes have been able to substantially reduce the monthly payments on credit card debt, student loans and personal loans, says Michael Moskowitz, president of Equity Now, a mortgage bank in New York City."I wouldn't recommend it to someone who is going to run up their credit cards again," he says.
This loan allows you to borrow based on the value of your home, minus the amount you still owe on your mortgage. Great for short-term, fixed expenses, like home renovations, vacations, or debt consolidation. This is possibly the most important investment of your life, and we want to make sure you make the right decisions every step of the way. Whether buying for the first time of refinancing, we can help you come up with several options. Tap into your home's value with at home equity loan or a home equity line of credit (HELOC) from Tampa Bay Federal Credit Union.