Consolidating credit card debt into line of credit

The lender already is making money on the first mortgage.Now, he gets to make a slightly higher interest rate on the second mortgage and he still has the same house as collateral.

That would be enough for each owner to pull out 0,000.Though some lenders offer adjustable interest rates, a home equity loan typically comes with a fixed rate for the entire life of the loan, which is generally 10 to 15 years.Borrowers tend to prefer that if they have a specific project with a fixed cost in mind, like putting a new roof on their house or financing their bucket-list trip to climb Mt. A HELOC is a pay-as-you-go proposition, much like a credit card.Anything below a 600 score is considered poor and will make it difficult to get a home equity loan or HELOC.It would be a good idea to get credit counseling to help repair your credit score.

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