your equity for: Paying Off Debts
use a fixed-rate home equity loan
with a repayment term from 10-15-20 years use the loan to consolidate your debts into one, low repayment plan.
|Loan Type:||home equity fixed-rate loan|
|Line Amounts:||at least 80% LTV for best rate: calc your LTV|
|Draw Period:||request a 10-15 year repayment term|
|No Restrictions:||make sure the loan has no pre-payment penalities|
|| or dial: 1-877-777-1370|
Debt Consolidation Worksheet
Use the worksheet below to estimate your potential monthly savings. Enter your current loan amount balance and current rate.
Please note that your actual savings may vary depending on loan amounts, current rates, and other factors at the time that you consolidate. This worksheet should be viewed as an example of potential savings.
How to Use Stories: How to Consolidate to Save
How can I consolidate my debts and save?
Good question. Our recommendation:
Reduce your interest rate charges by consolidating all of your outstanding debts using your home equity loan.
Your home equity loan can be used as a "Debt Consolidator" to pay off the following accounts:
- credit card balances
- department store balances
- gas card balances
- installment loans
- auto loans
- any account balance that is outstanding.
Home equity loans generally have a much lower interest rate than most credit cards and other unsecured loans.
You can set the repayment term at a FIXED rate so that you can plan exactly how much to budget each month. Also save time and hassle by writing just one monthly check.
Another added benefit.
Potential Tax savings.
Since your home equity loan is secured by a mortgage lien on your home, the interest you pay is considered mortgage interest and may be tax-deductible. Speak with your tax advisor to see if you qualify for the mortgage tax deduction.
Now that's smart financial management!
Apply now and let's search for the right lender
or dial toll-free: 1-877-777-1370
How to Use Stories: Tailor a Repayment Plan
Tailor a payment plan that fits your budget
With most home equity loans, you can setup a repayment plan that fits your budget.
If your consolidated balances are high, set a repayment plan that is longer. It will reduce your monthly payment so that you can budget for other important living expenses.
If your consolidated balances are low, you may want a shorter repayment period.
Most home equity loans have the following repayment terms:
- up to 5- years
- up to 10- years
- up to 15- years
- up to 20-years
Compare your monthly payments among several different repayment plans. Select the plan that fits your current budget.
For example, the table below illustrates the different minimum monthly payments for the consolidated amount of $35,000 at the FIXED equity loan rate of 7.50%:
Please note: this is an example only. Interest rate and minimum payment may be different at the time you close your home equity application.
Consolidate Balance: $35,000 FIXED Interest Rate: 7.50%* Monthly Repayment Plan 5-year Repayment Plan $701.33 10-year Repayment Plan $415.46 15-year Repayment Plan $324.45 20-year Repayment Plan $281.96
You may select a longer term to start with. When circumstances allow, pay more than the minimum monthly payment to reduce your loan faster.
But when finances get tight, it's nice to have a lower monthly payment to manage through tough times.
That is the flexibility you need.
How to Use Stories: Consolidating Credit Cards
Time to consolidate high rate credit cards
The holiday or vacation season is ending and guess what's coming in the mail? Your credit card bills.
You know that carrying a balance on your credit cards can add up to heft interest rate charges of 18% or more.
You're smarter than that.
That is why you plan to consolidate all of your outstanding credit card balances using your home equity loan.
Your home equity loan carries a much lower interest rate than most credit cards and other loans. And any interest you pay may be tax deductible. Speak with your tax advisor to see if you qualify for the mortgage tax deduction.
Apply now for a Home Equity Loan
to use as a "Debt Consolidator"
Home Equity Uses-Tips
|Calculate Your Debt Ratio
The debt-to-income ratio is calculated by: dividing your fixed monthly debt expenses by your gross monthly income.
|Build a Family Budget|