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Find free, confidential advice now using our free debt advice locator tool.Debt consolidation loans that are secured against your home are sometimes called homeowner loans.If, when you go to consolidate loans, you realize that your second mortgage was used to pull cash out of your home for some reason – called a cash-out loan – it may add cost to the new loan and reduce the amount for which you qualify.Cash-out loans are priced higher, lenders say because the borrower is statistically more likely to walk away from the loan if they get in trouble. This type of loan is simply an adjustment on the interest rate and terms of your current loan.But, the consolidation process may itself be tricky and the math may end up not making it worthwhile in the end.Let’s look at one example: You took out a home equity line of credit ten or more years ago and during the draw period – the time when you could “draw” on your credit line – you were paying a manageable amount: 5 per month on a 0,000 line of credit.Keep in mind that you’re likely to need a good credit rating to get one of these cards.You could also consolidate your debts into an unsecured personal loan, but again you’ll need a good credit rating to get the best deals.
New credit accounts are subject to application, credit qualification, and income verification.
Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you.
Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner.
You might be offered a secured loan if you owe a lot of money or if you have a poor credit history.
You should get free debt advice before you consider taking out a secured debt consolidation loan, as they’ll not be right for everyone and you could just be storing up trouble or putting off the inevitable.