Consolidating mortgage and line of credit

03 May

If you own a home, you might be able to use a home equity line of credit (HELOC) to consolidate your debt.

Not paying creditors will also show up as a negative transaction on your credit report that makes it harder to borrow more money.“Dear Steve, I have a first mortgage with Chase bank it is -,000. If you get a 30 year mortgage and want to pay it off early, just increase your payment and keep it there.I also have a heloc with Chase bank it is 4,000. The interest rate on my first mortgage is 4.5% fixed for 12 years. I pay a total of 4 per month on these two loans. The one fact you did not share is the value of your home.Debt consolidation loans can be a good option for paying off credit card debt.Borrowers can make one lower payment to a lender by consolidating their bills instead of many payments to different credit card companies.