How much someone can borrow is partially based on a combined loan-to-value (CLTV) ratio of 80% to 90% of the home’s appraised value.The amount of the loan, as well as the rate of interest charged, will of course also depend on the borrower’s credit score and payment history.A home-equity loan, also known as an "equity loan," a home-equity installment loan, or a second mortgage, is a type of consumer debt.It allows home owners to borrow against their equity in the residence.We all have different financial circumstances, priorities, and goals, and what’s right for one person – or even what’s right for most people – may not be right for you.Such is the case with choosing between a home equity loan and a personal loan.
The interest rates will be so much lower than credit cards you’ll probably be able to buy a new Spanish tile roof.
The debt consolidation calculator will help you determine how much you may be able to save by consolidating your debts into a home equity line of credit.
Enter information about your current debts, payments, balances, and interest rates to see your results.
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