Should You Get A Home Equity Loan To Pay Off A Debt?

If you are saddled with debt that you want to pay off, there are a few options available. One of those being, a home equity loan. If you are willing to put your home at risk and have the discipline to pay the money back, this might be a great idea. The advantage to this is a lower interest rate. Also, home equity loans are generally faster to get approved for than a mortgage loan.

Don’t get carried away with this. You could end up racking up more credit card debt and be in worse shape than when you started. Home equity loans should only be used for covering costs of large purchases or an unexpected emergency.

By clicking submit, I authorize Wallet Monkeys and its affiliated companies to: (1) use, sell, and share my information for marketing purposes, including cross-context behavioral advertising, as described in our Terms of Service and Privacy Policy, (2) supplement the information that I provide with additional information lawfully obtained from other sources, like demographic data from public sources, interests inferred from web page views, or other data relevant to what might interest me, like past purchase or location data, (3) contact me or enable others to contact me by email with offers for goods and services from any category at the email address provided, and (4) retain my information while I am engaging with marketing messages that I receive and for a reasonable amount of time thereafter. I understand I can opt out at any time through an email that I receive, or by clicking here.