Consolidating debt into your mortgage good idea
When you see your monthly credit card statements and the interest you’re paying, does it feel as if the financial roof is about to cave in?
Some lenders cap the total at 0,000, though the exact amount depends on your equity and creditworthiness.
You can get a home equity loan or home equity line of credit (HELOC) to consolidate your debts and pay off your credit cards.
The interest rate on both HELOC and home equity loans is tax-deductible.
The advantage of this option is that you only pay interest on the portion of the line of credit you use, rather than the entirety of the amount borrowed in a home equity loan.
For example, if you were approved for a ,000 HELOC based on the equity in your home and used ,000 of it to get a new roof, you would only pay interest on the ,000 and still have ,000 left to borrow against.
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The interest rates are also much lower than those of credit cards; you may save enough even be able to upgrade a new Spanish tile roof!