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Debt Consolidation

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Home equity loans are often used to do debt consolidation of credit cards, student loans, auto loans, etc. This type of home equity loan debt consolidation is usually done for a few reasons:

• Lower Monthly Payments
• Lower Interest Rates
• Tax Deductibility*

Below is a few comparison of what a home equity loan debt consolidation can do for you. The estimates below used the following terms. Credit cards - avg. interest rate of 14% with a 3% of the balance minimum payment. Home Equity Loan assumes 7% (APR - 7.378%) interest rate amortized for 15 years.

Debt Type	Credit Cards	Home Equity Loan
Amount Owed	$10,000	$10,000
Min. Payments	$300	$89.88
Savings	$0	$210.11
Amount Owed	$25,000	$25,000
Min. Payments	$750	$224
Savings	$0	$526
Amount Owed	$50,000	$50,000
Min. Payments	$1,500	$449
Savings	$0	$1,050

What you can see is that significant savings are possible. By re-applying the savings back as a principal payment of the mortgage, you may be able to pay the loan off in a significantly shorter amount of time also.

Apply Now for Debt Consolidation Home Equity Loan

For a home equity calculator check Home Equity Amortization Calculator: Display the breakdown between principal and interest in payments on your loan.

Research available home equity loan programs:

• Home Equity Loans ( Fixed Rate )
• Home Equity Credit Line ( Heloc )
• 125 Home Equity Loans
• Second Mortgages