So you want to get out of debt and use your established home equity to do so. Well, first you will need to be sure that you can borrow as much as you will need. Figuring out your home equity is not very difficult. Simply add up your entire present mortgage balances, and then go to your county tax rolls to find out what homes in your area have sold for.
Once you have both figures, simply subtract your mortgage balances from the avg. home sale. This will determine how much you can get out of debt consolidation home equity loans. Borrowing debt consolidation home equity loans is easy from there. Now that you know what you can expect, simply take these figures to a loan specialist and see what they can offer you for rates on your home equity loan.
Most debt consolidation home equity loans will have variable interest rates, however, there are fixed rates available from many lenders. If a fixed rate is important to you, just inquire with your loan representative about that possibility. You can eliminate much of your high interest debt through a debt consolidation home equity loan. Don't waste another day of high payments before you look into it for yourself.
|Sheri Ann Richerson|