All the information you need to make an educated decision
Mortgage Refinance and Other Loan Options
When it comes to getting equity out of your house to consolidate or eliminate debt, you have many options. It is important to understand your different mortgage options to make an educated decision. DebtHelp is here to help make this choice easier through our comprehensive mortgage guide.
Mortgage Refinance
A mortgage refinance will lower the interest rate on your current mortgage, and also will allow you to use equity to pay off debt if you choose to do so. This is a very common choice among homeowners. More Information about Mortgage Refinance
Second Mortgage
A second mortgage allows you to take out a second loan against your house, which can be used to pay for anything. DebtHelp.com customers commonly use second mortgages to pay off debt, because the rate on the loan is generally much lower than their debt interest rate. More Information about Second Mortgage
Home Equity Loan
A home equity loan is taken out against your house. It is not, however, a second mortgage, and it has a shorter payback period than a mortgage as well. Similar to a personal loan, a home equity loan is a secured debt against your house that pulls from the equity that you have saved. Since home equity loans tend to have low interest rates, they are a good option for paying off high-interest debt. More Information about Home Equity Loans
Home Equity Line of Credit
A home equity line of credit is similar to a home equity loan, except that you are not obligated at any point to use the line. Whereas a home equity loan requires full repayment even if only a portion was needed, you are only required to repay the used portion of a home equity line of credit. More Information about Home Equity Lines of Credit
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