Consolidate Your Debt
Consolidate high-interest debt using a Home Equity Line with a low mortgage rate.
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A Home Equity Line is the Fastest, most common method to use Equity in your home for items like Debt Consolidation.
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The Basics on Debt Consolidation
Consolidate Debt with a Home Equity Line
- A Home Equity Line takes cash from your Equity in your home to pay off your high-interest debt like credit cards. Why wait? – Equity doubled in most places in the United States
- Make one low monthly payment instead of several, and pay less overall every month. Unlike credit card interest, the interest on your mortgage is usually tax deductible.*
- Even if you have less-than-perfect credit, our affiliates can help. Paying off your higher-interest debts faster can improve your credit rating. Find out if you could lower your monthly payment or take cash out to access money for your other bills. Visit MiddleCreditScore™ to see your free credit report and score and track all your debts in one place.
- Interested in consolidating two mortgages? We can help you refinance both loans into one with a low rate that could significantly reduce your monthly mortgage payment.
Why You Should Choose Home Equity Line
- You’ll get a completely online application process with less paperwork, and you can track the status of your mortgage application.
- Our Home Loan Experts are available to answer your questions and help you understand the details so you get the right mortgage for you.
- After you close your loan, you can manage your mortgage online without any hidden fees.
- Our Affiliates service 99% of their mortgages, which means you can expect our great customer service to continue after you close.
Popular Loan Options for Lowering Your Mortgage Payment*
- FHA Loan – Refinance out of a skyrocketing mortgage payment with the fixed-rate security of a government-insured FHA loan. Find out if you could refinance without an appraisal with our easy FHA Streamline tool.
- 30-Year Loan – Looking for a more traditional loan option? Lock in today with a 30-year fixed.
- Adjustable Rate Mortgage – Get the lowest rate available with a 5- or 7- year ARM and potentially pay thousands less over a traditional fixed rate mortgage for the first 5 or 7 years of your loan.
- VA Loan – Get a low rate and payment with the VA loan if you’re a qualified veteran, military member, or spouse. Ask us if you are eligible for the great benefits of a VA loan!
Frequently Asked Questions
How do I know if a Home Equity Line to lower or reduce my debit payments is worth it?
How much will I save? A lot may have changed since you bought your home – your credit score, your home value, mortgage rates. If any of these have improved, you should definitely explore how much you can lower your payment with our HELOC calculator.
- Will the savings cover the costs? It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing. However, refinancing in order to lower your payment may result in a longer loan term, and that might mean paying more in interest overall in the long run.
Talk to a Home Loan Expert or use our refinance calculator to see if refinancing your home can help you lower your payment.
What does refinancing mean? How can it get me a lower monthly payment?
- A Lower Interest Rate – The higher your interest rate, the more you’ll pay for your mortgage both now and in the future. A lower rate equals a lower payment if you don’t shorten the length of your mortgage term.
- Gets Rid of Private Mortgage Insurance (PMI) – If you put less than 20% down on your original home loan, chances are you’re paying private mortgage insurance (PMI). If your home has increased in value and/or you have enough equity, you can refinance to eliminate this costly monthly payment.
- Refinance to a Longer-Term Loan – When you refinance to a longer-term loan, you’re stretching the amount you owe over a longer period of time. While you might pay more in interest overall, your monthly payment will decrease.
What is equity? How can it help me lower my payment?