Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
If you need to consolidate credit card debt, then you may want to consider a home equity loan. There are some advantages to a home equity loan and it is a better option than a personal loan or balance transfer. A home equity loan allows you to immediately consolidate the debt and make it one affordable payment.
1. Low Interest Rates
Home loans carry low rates, usually much lower than a credit card. This is because there is collateral which is your home. A secured debt will give you a better rate than a personal loan or credit card. These low rates will save you money in the long run.
2. Longer Terms
A home loan is usually thirty years long. This can be a good or bad thing, but if you are looking to save money monthly and have lower payments, then a longer loan term will mean lower payments each month.
- Second Mortgages: Advantages and Disadvantages
- What To Do When Mortgages Default
- What Lenders Don't Reveal About Home Equity Loans
- FHA Eligibility with Bankruptcy and Foreclosure
- Appraisal Basics
- Should You Refinance? Make Sure the Timing is Right
- 3 Reasons Banks Reject Short Sales
- Alternatives to Getting a 2nd Mortgage
- 3 Warning Signs of Loan Modification Scams