 Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1602
Location: MASSACHUSETTS
149.70 Dollars($)
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 Posted: Thu Nov 17, 2005 3:41 pm Post subject: |
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Hi Ivan,
It is good to see that you are concentrating on reducing your debts. Yes, a major part of the debt can be managed well with the help of your home equity if properly utilized.
In fact more than one third of the home equity loan can be used to consolidate the debts, and with some extra care it can be very much effective.
You should cut down your unnecessary expenses before you apply for the loan and should not go for any other debts as long as the equity loan is not paid off. Try to pay off the home equity loan within three to five years as otherwise it may prove expensive.
Loan amount should never be more than the value of your home and try for the lowest rate. Try to manage a loan with low closing costs.
Maintaining these criteria may help you in managing your debts with the best home equity loan. Get a clear idea about home equity loan before you go for it to make the loan more effective. You can refer the section on home equity loan here.
Wish you good luck.
God bless you.
For MortgageFit,
Samantha
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