Consolidating mortgage heloc
If you have good credit and some value in your home, this is an option you can consider with your lender.While the second mortgage lender is not required to do this, your lender can make the request to have the lien holder on the second loan move into second position.
Luckily, you can use this valuable equity for the purpose of consolidating the debt or credit card statements that might be plaguing you with their persistent high interest rates and myriad separate bills.
If you have gained enough equity in your home, you may be able to consolidate your first and second mortgage or HELOC into a new mortgage based on the current value of your home.
If the first and second mortgage were taken out at the same time, the refinance would be considered a “rate and term” refinance.
Consolidating the bulk of your high interest debt into one lower interest loan based on your home's credit can certainly lessen the pressure of monthly bills, but it can also serve the purpose of bringing you income tax credit as well.
You can work out the amount of cash each month that you would be able to save with a HELOC by simply keeping track of your monthly auto, student or medical bills, getting an estimate for the statistics of your new loans, and noting the difference between what you are paying now and the lumped figure you would pay then.
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Be sure to take advantage of the assessment abilities of this calculator and use its output to get an idea of whether a HELOC would really benefit your debt situation or not.