Consolidating debt home equity

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Now, he gets to make a slightly higher interest rate on the second mortgage and he still has the same house as collateral.HELOCs have a draw period, usually five to 10 years, when you can borrow funds.Then there is the repayment period, usually 10 to 20 years, during which the money must be repaid.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.Instead of a one-time loan, you have a certain amount of money available to borrow, and you dip into it as you see fit.That gives you more flexibility than a lump-sum loan and offers an immediate source of revenue if an emergency hits.If you get a home equity loan, you pretty much know how much you’ll be paying each month and for how long.A HELOC’s flexibility means those things fluctuate.For instance, if your home’s appraised value is 0,000 and you owe 0,000 on the mortgage, you have ,000 in equity.With a home equity loan, you borrow against that ,000 and pay it back in monthly installments.

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