Debt Consolidation - Pros and Cons of Paying of Debt with a Mortgage
With the new, tougher bankruptcy laws in effect, people are looking for alternate bill consolidation, loan consolidation and credit card consolidation solutions. Debt consolidation loans are one of the most popular ways for homeowners to consolidate their debts by means of mortgage refinancing (replacing an existing first mortgage with a new one), taking out a home equity loan (second mortgage) or taking out a home equity line of credit (HELOC). But, be careful to consider these pros and cons before signing on the dotted line.
Pros
Tags: credit lines, debt consolidation loans, Home Equity Loans, mortgage rates, refinance, second mortgages