Equity Debt Consolidation - Is It A Good
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Disclaimer: While we have done our best trying to give you all
information you need in order to consolidate your debt the right way,
it is highly suggested you get seasoned advise coming from debt
consolidation and debt settlement specialists, this is the safest way
to get your finance back in order, plus in the shortest period of
Equity Debt Consolidation - Is It A Good Choice?
Most people today have more than just one debt and most include loans,
mortgages and credit cards. For most people to pay off their debt, money has to be
borrowed from someone else and then another debt is accrued. A solution and a
good choice for many people is an equity debt consolidation. With consolidation,
all debt is combined together into one affordable monthly payment that has a
lower interest rate.
An equity debt consolidation loan is a secured loan where a property is the security
towards the loan; the property is typically a home. The lender has a lien on the
property until the loan is paid off in full.
With an equity debt consolidation, one can take advantage of:
1. Lower interest rates: Rates can be lowered as much as 7%-10% and sometimes
2. Tax savings: Interest payments are potentially tax deductible. If the first
mortgage plus the new loan is not more than 100% of the value of the home, the
interest paid will be fully deductible.
3. Time saving: Making just one monthly payment instead of several will save time.
4. Becoming debt free. Working hard each month with payments will get debt paid
Financial specialists recommend securing an equity debt consolidation if you are
able to increase your cash flow or invest in something that gives your home more
value. Two common purposes for this type of loan include, home improvements
and purchasing a seco