home equity loan to pay off credit cards

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A home equity loan can offer a lump sum of funding you could use to pay off or consolidate credit cards or other debts. A home equity line of credit is a revolving line of credit you can borrow against as needed.

Use #5: Pay off credit card debt. The last reason people commonly take out home equity loans is for credit card debt repayment. If you have a large volume of credit card debt to pay off, a home equity loan may seem like a viable solution. However, it most cases the reward is not worth the risk in this situation.

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A home equity line of credit, or HELOC, is a line of credit you take out from a lender. The amount of your credit line depends on how much equity you’ve built up in your home. Usually, banks will lend customers with good credit up to 85% of your house’s assessed value, less the amount you still owe on your mortgage.

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I took out a home equity loan to pay off my credit cards. In 1998, I had more than $16,000 in credit card debt. I applied for – and was granted – a home equity loan. I used this money to pay off my outstanding debt. I cut up my credit cards. When I was certain that my balances were paid in full, I cancelled the accounts.

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Despite the fact that interest rates are still reasonably low, credit cards have not followed that trend and the average rate is running around 16%. So if you can get a lower rate why not use the home.

A home equity line of credit can charge high interest, especially when compared to the introductory rates many credit card companies offer. Transferring the debt to one of those could save you some money. But it’s important to know the process before you get started to make sure it goes smoothly.

I bought a home one year ago for a 4.65% rate and I have a second mortgage on the home for about $63K. My primary mortgage payment is $3,300 and the second one is $475. I have $25,000 in credit card.

Need to cover emergency expenses or pay off a large amount of credit card debt ? Consider taking out a home equity loan. A home equity loan.