Debt Consolidation in Brampton, ON
If your property has equity, then you can use it to take out a loan to pay high interest credit card debt and loans.
When your property has equity, you can use that equity to take out a loan to consolidate your debt for whatever other purpose you require it. This is referred to in several different ways: home equity loan, home equity line of credit, refinancing your mortgage and a second mortgage. All of these terms mean about the same thing; use your home equity to get the financing you need.
Advantages of Using Home Equity to Debt Consolidate
- Interest rates are typically lower than most other types of loans.
- Payment plans are usually flexible and can be customized to fit your needs.
- You won’t need to keep track of all your different credit card payments anymore as your debt will be consolidated into one lower payment, making it easier to manage.