Refinancing your existing mortgage into a consolidation loan combines your debts into one payment.
This is a great option if you have high-interest loans and you're only paying the interest rather than the principal.
If you need to consolidate debt, need money for home renovations, or for any other purpose, there are options available to you.
Types of Home Equity Loans There are different types of home equity loans.
Debt consolidation mortgages come with a structured payment plan and an assured pay-off date.
Payment schedules vary: weekly, biweekly, semi-monthly or monthly over a negotiated term.
These include: Home Equity Line of Credit, Home Equity mortgage, and or even a complete refinance.
Home Equity Line of Credit This kind of mortgage is sometimes referred to as a HELOC.Find out how much you could save by consolidating your loans into one payment with our debt consolidation calculator.#block-menu-menu-advisor-navigation-menu .dropdown-menu li #block-menu-menu-advisor-navigation-menu .dropdown-menu li a #block-menu-menu-advisor-navigation-menu .dropdown .dropdown-menu li a:hover #main-nav nav #block-menu-menu-advisor-navigation-menu li a #main-nav #block-menu-menu-advisor-navigation-menu .active .active #main-nav #block-menu-menu-advisor-navigation-menu .active .active:hover #main-nav #block-menu-menu-advisor-navigation-menu li a:hover #main-nav #block-menu-menu-advisor-navigation-menu .dropdown:hover .dropdown-menu #main-nav #block-menu-menu-advisor-navigation-menu .active-trail .active-trail #main-nav #block-menu-menu-advisor-navigation-menu .dropdown:hover .dropdown-toggle #main-nav #block-menu-menu-advisor-navigation-menu .expanded li a:hover body .Once your other debts are paid off, it leaves you with just one loan to pay, rather than several.To consolidate your debt, ask your lender for a loan equivalent to or beyond the total amount you owe.With a Canvas HELOC, you’ll be ready to stoke your remodeling fire. With our Canvas Preferred Equity Line of Credit, you can use the equity in your home to borrow money, and use it any way you want. Build that new deck, buy that classic roadster, or go scuba diving in the Caribbean. Best Rate may vary based on personal credit history, value of collateral, loan to value (LTV), terms, and other factors. Want to view all the fine print, visit our Disclosures web page.