Things you should consider when applying for a home equity loan

Potential loss of security

A home equity loan is secure, which means that it could cost you the value of your home. You should tread carefully when considering using your home equity loan for debt consolidation purposes, especially when this is for current debt. Avoid paying off unsecured loans such as credit cards and medical loans with this secured loan option. Instead, you should consider a home equity loan to add value to your home, which will boost its appraisal value any your stake in equity.  You may be better off taking an unsecured personal loan to consolidate your debt instead of trading the risk of losing your home for debt rearrangement.

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